The European Union member states have reached a consensus on extending the existing sanctions against Russia, as announced by EU foreign affairs chief Kaja Kallas. These sanctions include trade restrictions and asset freezes, aimed at financially impacting Russia due to its ongoing war against Ukraine.

The agreement was finalized just days before the current sanctions were set to expire on Friday, January 31. The sanctions, which involve freezing Russian assets held in Western banks and banning significant trade with Russia, require approval from all 27 EU member states. Hungary had previously posed a challenge in reaching the agreement.

Hungary’s reliance on Russia for a substantial portion of its energy supply, particularly natural gas that flowed through Ukraine until early this year, contributed to its resistance. The flow ceased after Ukraine decided not to extend the relevant agreement. Consequently, the Hungarian government sought assurances from the European Commission regarding energy provisions. According to Reuters, the Commission has promised to maintain dialogue with Ukraine regarding the passage of Russian natural gas.

Currently, the foreign ministers of the EU’s 27 member states are convening in Brussels, where discussions are underway regarding the implementation of additional sanctions against Russia, including potential measures targeting the Russian shadow fleet.