EU races against time to persuade Hungary on Russian sanctions
The European Union has until Saturday to persuade Hungary to consent to the extension of sanctions imposed on Russian oligarchs. If Budapest does not withdraw its veto, individuals linked to the Kremlin will regain access to funds currently frozen in European bank accounts.
The sanctions imposed on Russia for its aggression against Ukraine are renewed every six months, requiring the consent of all EU member states.
In January, Hungary agreed to extend sectoral sanctions, but it is currently obstructing the extension of individual sanctions. The most recent extension of individual sanctions took place on 12 September 2024 and will remain in effect until 15 March 2025.
The list includes more than 2,200 people, including Vladimir Putin. The sanctions include a ban on entering the EU, asset freezes, and a prohibition on providing financial resources.
An anonymous EU official notes that even a few days' delay in extending sanctions could allow previously frozen funds to be transferred to banks outside the European Union.
The EU faces a challenge: a few days remain to sway 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.
Budapest has cited the anticipation of decisions from the incoming US administration of Donald Trump as one reason for hindering the extension of the restrictions on Russia.
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