Kathmandu. EU leaders have agreed to extend sanctions on Russia for another six months, amid the prospect that Kremlin-friendly Hungary could ease sanctions.
The decision at a summit in Brussels means that the European Union (EU) will freeze more than 200 billion euros ($234 billion) of Russian central bank assets over the war in Ukraine until early 2026, EU member state leaders said.
Hungarian leader Viktor Orban is preparing a contingency plan to impose economic sanctions on Moscow if it does not comply, officials said. EU counterparts have expressed concern that Budapest’s refusal to renew the measures could leave a major dent in the bloc’s grip on Russia at a time when the United States is pressuring peace efforts.
The last time Orban made the decision was when the sanctions, which are to be extended every six months, came up for renewal in January. But while the EU has ensured that its existing measures remain in place, it has failed to secure approval for a new package of sanctions due to obstruction by Hungary’s ally Slovakia.
Slovak leader Roberto Fico has refused to approve a new round of sanctions at the summit due to a separate dispute with Brussels over plans to cut off Russian gas imports by the end of 2027.
Slovakia is dependent on Russian gas imports and earns money from transit fees for piped supplies across its territory. Fico announced on Thursday that he had failed to block the sanctions package he wanted despite talks with EU chief Ursula von der Leyen.
Ukrainian President Volodymyr Zelenskyy, in a video address, urged EU leaders to “come up with a tough package targeting Russia’s oil trade, illegally transported tankers, banks and supply chains used to bring equipment or parts to make weapons.”
According to an EU official involved, the agenda fell through after Washington refused to support efforts to lower the price limit on Russian oil exports as part of a broader initiative at the G-7 summit.-RSS
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