EU foreign ministers extend sanctions on Russia

The EU's foreign ministers have decided to extend sanctions against Russia for another six months due to its invasion of Ukraine.

The head of European diplomacy, Kaja Kallas, announced this.

"This will further deprive Moscow of income to finance the war. Russia must pay for the damage it is causing," she wrote.

It should be noted that Hungary opposed the extension of these sanctions.

Before an emergency meeting of the European Union's foreign ministers, Orbán said he would refuse to block the sanctions against Russia, which the European Union will extend. In response, the EU will publish a statement considering Budapest's concerns about "energy security" due to the suspension of Russian gas transit through Ukraine.

Orbán argued that Brussels must adapt to the "new situation" and lift sanctions against Russia. He also suggested that if Ukraine wants European sanctions extended, it should restore gas transit.

In December 2024, Orbán informed the 26 other EU leaders that he might block the extension of EU sanctions against Russia beyond January 31, as that decision requires unanimous approval. He stated that the risk of war would "significantly recede" with a Trump presidency, yet identified energy prices as the next "biggest source of danger."

Meanwhile, the EU is exploring options in case Budapest vetoes the reinstatement of restrictions on Moscow.

 One potential solution draws from a 1944 wartime decree by the King of Belgium, which could allow King Philippe to block the transfer of assets out of the country, given that the assets are held in Belgium's Euroclear, according to four officials.

It is worth adding that in December 2024, EU ambassadors agreed on a new package of anti-Russian sanctions, which targets the Russian "shadow fleet."