Hungary's stand on Russian sanctions tests EU unity
The European Union has until Saturday to persuade Hungary to extend the sanctions imposed on Russian oligarchs. If Budapest does not retract its veto, Kremlin insiders will regain access to funds frozen in European banks.
Sanctions imposed on Russia for its aggression against Ukraine are renewed every six months with the agreement of all EU member states.
In January, Hungary agreed to extend the sectoral sanctions but is currently blocking the renewal of individual sanctions. The last extension of individual sanctions occurred on September 12, 2024, and they remain in effect until March 15, 2025.
The list includes over 2,200 people, including Vladimir Putin. Sanctions consist of a ban on entry into the EU, asset freezing, and a ban on providing financial resources.
An anonymous EU official notes that even a few days' delay in extending the sanctions may be sufficient for previously frozen funds to be transferred to banks outside the European Union.
The EU has a problem. Only a few days left to win over Hungary
An EU source stated that the situation is becoming urgent, which led to an extraordinary meeting of member country ambassadors on Monday morning. However, no breakthrough has been achieved thus far. The next meeting is scheduled for Wednesday.
One reason Budapest cited for blocking the extension of restrictions on Russia is waiting for decisions from the new U.S. administration under Donald Trump.
