Bloomberg: EU ready to support the extension of sanctions against Russian oligarchs.

European Union Close to Agreement on Extension of Sanctions Against Russia

The European Union is nearing an agreement to extend sanctions against certain Russians, including some billionaires, after Hungary lifted its resistance.

The EU has initiated a written procedure that will last until Friday morning, paving the way for six months of extended sanctions after the exclusion of three individuals from the list, as demanded by Hungary, Bloomberg reports.

The continuation of sanctions related to the conflict in Ukraine has been routine for several years, but Hungary began blocking them after the victory of U.S. President Donald Trump in November.

Hungarian Prime Minister Viktor Orban, who supports rapprochement with Russia and is a close ally of Trump, previously created tension around the continuation of a broader sanctions policy against Russia but backed down at the last moment. This Time, Hungary initially demanded the exclusion of eight individuals from the list in exchange for supporting the extension of sanctions, EU diplomats report.

Luxembourg applied additional pressure at the last moment, demanding the exclusion of oligarch Mikhail Friedman from the list; however, sources indicate that Friedman will remain under sanctions.

A representative from Luxembourg declined to comment on the situation. Friedman is one of the most well-known Russian businessmen who made billions in banking, oil, and retail. He and his business partner Petr Aven unexpectedly achieved victory in April last year when the General Court of the EU ruled that none of the grounds presented by the EU to justify sanctions were 'sufficiently proven.'

The EU agreed to extend sanctions against Russia after Hungary's resistance was weakened. Despite the court ordering the EU to lift the restrictive measures, Friedman and Aven remain under sanctions following their re-inclusion in the updated EU sanctions list.

The EU aims to increase economic pressure on Russia, particularly through the sanctions regime. Unanimous support from all 27 member states of the bloc is required to extend the sanctions.