EU races against time to sway Hungary on Russian sanctions
The European Union has until Saturday to convince Hungary to extend the sanctions imposed on Russian oligarchs. If Budapest does not withdraw its veto, Kremlin insiders will regain access to funds frozen in European banks.
Sanctions imposed on Russia for its aggression against Ukraine are extended every six months with the consent of all EU member states.
In January, Hungary agreed to extend sectoral sanctions but is currently blocking the extension of individual sanctions. The last extension of individual sanctions occurred on September 12, 2024, and is valid until March 15, 2025.
The list includes more than 2,200 people, including Vladimir Putin. Sanctions include a ban on entry into the EU, asset freezing, and a prohibition on providing financial resources.
An anonymous EU official points out that even a few days' delay in extending the sanctions may be enough for previously frozen funds to be transferred to banks outside the European Union.
The EU has a problem: Only a few days left to convince Hungary
The matter is becoming urgent. On Monday morning, the ambassadors of member countries met in an extraordinary session, but so far, there has been no breakthrough. A European source confirmed that the next meeting is on Wednesday.
Budapest cited waiting for decisions from Donald Trump's new U.S. administration as one reason it blocked the extension of restrictions on Russia.
