EU leaders agree to prolong sanctions on Russia for another 6 months
Decision includes the freezing of more than US$234 billion in Russian central bank assets and will remain in force until at least early 2026
The EU’s 27 leaders on Thursday agreed to extend sanctions on Russia for another six months, resolving fears that Kremlin-friendly Hungary would let the measures lapse, officials said.
The decision at a summit in Brussels means that the EU’s sweeping sanctions over the war in Ukraine, including the freezing of more than €200 billion (US$234 billion) in Russian central bank assets, will remain in force until at least early 2026.
It comes after officials said they were preparing contingency plans to keep the bloc’s economic punishment on Moscow in place should Hungarian leader Viktor Orban refuse to budge.
EU counterparts had feared a refusal by Budapest to renew the measures could blow a massive hole in the leverage the bloc holds over Russia as the United States presses peace efforts.
Orban took the decision to the wire the last time the sanctions – which need to be extended every six months – came up for renewal in January.
But while the EU made sure its existing measures will remain in place, it failed to get clearance on a new package of sanctions due to a blockage by Hungary’s ally Slovakia.