Russian troops invaded Ukraine in February 2022 in what Moscow calls a "special military operation".
The Hungarian federation said in a statement it could no longer host the January 22-28 event in Budapest due to the war and "its impact on the economy and the energy prices that have a significant impact on the sport of skating".
The International Skating Union said in a separate statement that is had reopened applications for hosting the event, with bids required to be submitted by May 26.