EU agrees to extend its sanctions on Russia
Date
1/28/2025 6:38:36 AM
(MENAFN) On Monday, the European Union agreed to extend its sanctions on Russia for an additional six months, after Hungary lifted its objections in exchange for assurances regarding energy security. Kaya Callas, the EU's foreign policy chief, confirmed the decision on social media, stating, "Europe is keeping its promises: EU foreign ministers have just agreed to extend sanctions on Russia again." The sanctions aim to deprive Moscow of revenue to fund its ongoing war efforts, with EU officials stressing that Russia must bear the costs of the destruction it has caused. Failure to extend the sanctions before the January 31 deadline could have major consequences, such as the unfreezing of Russian assets in Europe that have been used to support Ukraine.
The renewed sanctions include a ban on sectoral trade and the freezing of Russia’s Central Bank assets. Under EU law, these sanctions must be renewed unanimously by member states every six months. The profits from the frozen assets are being used to support a $50 billion loan to Ukraine, backed by the Group of Seven nations. Hungary had initially delayed the decision, seeking consultations with the Trump administration, but ultimately agreed to support the sanctions after receiving energy security guarantees from the European Commission.
Hungary, which maintains closer ties with Russia than most other EU countries, had expressed concerns about Ukraine’s decision to end a gas agreement that brought Russian gas through the country. However, after receiving assurances from the Commission, Hungary indicated its readiness to approve the sanctions extension. While the European Commission pledged to continue discussions with Ukraine on gas supplies to Europe, it was unclear if this would lead to a resumption of Russian gas flows or a deal involving Azerbaijani gas. Ukrainian President Volodymyr Zelensky had previously mentioned his readiness to sign a contract for transporting Azerbaijani gas through Ukraine to the EU, but efforts to replace Russian gas with Azeri supplies have yet to succeed. Hungary’s Foreign Minister Peter Szijjarto expressed satisfaction with the guarantees from the European Commission, highlighting the Commission's commitment to protecting the gas and oil pipelines supplying EU member states.
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