The European Union is preparing another package of sanctions against Russia. It is expected that more banks will be cut off from the SWIFT system. Additionally, there is discussion about targeting another 70 ships from the shadow fleet and introducing a ban on the import of Russian aluminum,

The European Union renewed on Monday its wide-ranging sanctions on Russia over the war in Ukraine, after Hungary stopped holding up the move in return for a declaration on energy security.

Before reupping the sanctions, Budapest wanted to wait for Trump's inauguration, then insisted Brussels push Ukraine to reopen a gas pipeline running to Central Europe.

European Union foreign ministers agreed on Monday to extend sanctions on Russia over its war against Ukraine after Hungary lifted its opposition to the move.

European Union ambassadors are meeting in Brussels to address a Hungarian block on extending sanctions on Russia. Hungary's agreement is crucial for passing a statement on energy security and ensuring the continuation of sanctions.

BRUSSELS – Hungary removed its veto on the EU's six-month extension of Russia sanctions on Monday, but it may not be its last standoff. The deal was struck after the EU agreed to issue a joint, non-binding statement by top diplomat Kaja Kallas and the European Commission to support Hungary's energy security at Monday's meeting of foreign ministers.

Hungary, one of Russia’s main friends in the EU, had left its EU counterparts fuming over a refusal so far to approve the move.

The European Union will moved forward with a renewal on Russian sanctions after a deal was struck with Hungary, according to multiple reports.

Should EU foreign ministers fail to renew the sanctions by January, diplomats say there is still enough time to call an had-hoc emergency EU summit