The European Union is nearing an agreement to extend sanctions on individual Russians, including a number of billionaires, after Hungary dropped its opposition.
The EU has started a so-called written procedure lasting until Friday morning, paving the way for a six-month prolongation of sanctions after three names were de-listed as requested by Budapest, according to people familiar with the matter.
Such extensions related to Russia over its invasion of Ukraine have been largely routine for several years, but Hungary started to hold them up in the wake of US President Donald Trump’s victory in November.
Hungarian Prime Minister Viktor Orban, a pro-Russian who is also a close ally of Trump, created drama over an extension of the broader Russia sanctions regime earlier this year, before backing down at the last minute. This time around, Hungary had initially pushed for the de—listing of eight names in return for backing the extension, according to EU diplomats.
Luxembourg added some additional last-minute pressure after it pushed for the removal of tycoon Mikhail Fridman from the list, although he will remain sanctioned, the people said, on condition of anonymity because the discussions were private.
A Luxembourg spokesperson declined to comment.
Fridman is one of Russia’s most prominent businessmen after making billions in banking, oil and retail. He and his business partner Petr Aven won surprise victories last April after the bloc’s General Court ruled none of the reasons set out by the EU to justify sanctions were “sufficiently substantiated.”
Although the court ordered the EU to annul the restrictive measures, they were still covered by sanctions after their inclusion on an updated EU list.
The EU has been pushing to tighten economic pressure on Russia, particularly through its sanctions regime. The bloc’s sanctions require the unanimous backing of the 27 member states.
With assistance from Andrea Palasciano and Ewa Krukowska.
This article was generated from an automated news agency feed without modifications to text.
