EU Extends Sanctions on Russia Amid Hungary's Energy Negotiations

The European Union renewed its sanctions on Russia for another six months after Hungary received energy security assurances. Despite initial resistance, Hungary supported the decision, which prevents Moscow from financing its war efforts. Profits from frozen assets will fund a $50 billion loan to Ukraine.

The European Union renewed its extensive sanctions on Russia for another six months, securing Hungary's backup by offering assurances regarding energy security. EU Foreign Ministers agreed on Monday to this extension, reinforcing efforts to economically impact Russia amid its ongoing conflict with Ukraine.

EU's foreign policy chief, Kaja Kallas, announced the decision, highlighting how these sanctions would continue to cut off revenue streams for Moscow, used to fund its war. The renewal was crucial, with officials warning of significant consequences, such as the possible unfreezing of Russian assets in Europe intended to aid Kyiv.

Hungary, initially hesitant due to its economic ties with Russia, agreed to the extension following a European Commission statement promising continued discussions about Ukraine's gas supply framework. While Hungary did not have its demands explicitly met, the EU showed readiness to involve Budapest in future agreements.

(With inputs from agencies.)