EU Renews Russia Sanctions After Hungarian Delay

 

The European Union on Monday renewed its wide-ranging sanctions on Russia over the war in Ukraine after Hungary stopped holding up the move in return for a declaration on energy security.

The bloc’s foreign policy chief, Kaja Kallas, posted on social media that the EU Foreign Ministers just agreed to extend again the sanctions on Russia.

 

“This will continue to deprive Moscow of revenues to finance its war. Russia needs to pay for the damage they are causing,” she said.

Meanwhile, officials from other EU countries had warned that failure to roll over the sanctions before a January 31 deadline would have consequences, such as the unfreezing of Russian assets in Europe used to help Kyiv.

It was gathered that the sanctions up for renewal include all sector-based bans on trade as well as measures that immobilised Russia’s central bank assets.

 

Legally, the EU’s 27 countries must unanimously vote to renew the restrictions every six months.

It was gathered that profits from the frozen assets are being used to finance a $50-billion loan to Ukraine backed by the G7.

 

Hungarian Prime Minister, Viktor Orban, who maintains close ties with Moscow, had first called for consultations with the U.S. Trump administration before a renewal decision, saying it was time for a sanctions-free relationship with Russia.

 

However, President Donald Trump has not backed the Hungarian position.

He said last week that he was ready to increase economic pressure on Russia to strike a peace deal.

 

At a meeting of EU ambassadors on Monday, the European Commission presented a statement declaring that it was ready to continue discussions with Ukraine on the supply to Europe through the gas pipeline system in Ukraine.

 

When asked at a press conference whether the statement actually meant anything, Kallas said: “Well, it meant something to Hungary, so that mattered.”