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.

The European Union has agreed to prolong for 6 months a raft of sanctions aimed at depriving Russia of funds to finance its war against Ukraine.

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

Separate from LNG, the sanctions package will propose penalties on more aging oil-exporting tankers operating as part of Russia's so-called shadow fleet, the diplomats added. The EU will target 74 new vessels, two other EU diplomats said.

The European Union renewed its wide-ranging sanctions on Russia on Monday for another six months after Hungary stopped holding up the move in return for assurances about energy security. "Europe delivers: EU Foreign Ministers just agreed to extend again the sanctions on Russia,

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.

Budapest’s U-turn follows Donald Trump’s warning to Moscow that it could face more curbs unless it ends war ‘soon’

Sikorski believes that Budapest changed its mind after Trump called Russian dictator Vladimir Putin as an aggressor and threatened Moscow with sanctions if it did not engage in peace talks. It was the new US president's first clear position on Russia's war against Ukraine.