EU prepares for sanctions disruption scenario due to Hungary’s veto
Pravda Ukraine
Brussels is informally preparing for a scenario in which Hungary may block the extension of EU sanctions against Russia, leading to the expiry of the sanctions packages on 16 March.
Source: European Pravda
Details: The measures in question include individual restrictive actions, such as travel bans for specific individuals and asset freezes for Russian citizens and businesses. The current sanctions are set to expire on 15 March 2025. If they are not extended, the restrictions will legally cease to apply from 16 March 2025.
Failure to extend the sanctions could result in the unfreezing of up to 30% of all Russian assets currently held under EU restrictions. Estimates suggest that around €60 billion or more could be affected.
Even in this worst-case scenario, there will be a time lag before Russia can regain access to frozen assets, as Brussels’ bureaucratic procedures and numerous formal steps must be completed.
If Hungary continues to block the sanctions extension until 15 March, the issue will be placed on the agenda of the EU Foreign Affairs Council meeting on 17 March. At that point, foreign ministers from 26 EU states will seek ways to pressure Hungary into agreeing to the sanctions renewal.
Some EU officials view this scenario as the most likely.
One European diplomat stated that individual sanctions against Russia would be extended on Monday 17 March during the Foreign Affairs Council meeting, which is responsible for renewing sanctions regimes and approving such decisions. The diplomat added that there was still time for negotiations and discussions.
EU negotiators are currently exploring non-public means of persuading Hungary to agree to the extension in time.
The next meeting of EU ambassadors is scheduled for Wednesday 12 March, with another on Friday 14 March – the day before the deadline for renewing the sanctions against Russian individuals and businesses.
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