EU Agrees to Extend Sanctions Against Russia for Six Months

The leaders of the 27 member states of the European Union have agreed to extend sanctions imposed on Russia for six months. The decision was made during the summit in Brussels.

The EU has adopted 17 packages of sanctions since Russia's invasion of Ukraine on February 24, 2022. However, Hungary, which maintains close ties with Russia, often threatens to oppose the renewal of sanctions.

Additionally, Slovakia vetoed the 18th package of sanctions, pressing for guarantees on its gas supply. The EU seeks to reduce Russia's revenue from oil exports and is considering lowering the cap on the selling price of Russian oil.

The EU is also considering extending sanctions to refined products from Russian crude oil and adding 22 Russian banks to the list of financial institutions denied access to international capital markets through the SWIFT system. Furthermore, the 'ghost' tanker fleet used by Russia to circumvent sanctions has also come under EU scrutiny.