Hungary has lifted its veto on renewing sanctions against Russian officials, businessmen, and other individuals, striking a deal in the final hours before the deadline. While Budapest has consistently criticized punitive measures against Moscow as ineffective and a failed approach, it agreed to the renewal after four individuals were removed from the sanctions list.
The four are banker and chemicals industry chief Vladimir Rashevsky; Gulbakhor Ismailova, sister of Uzbek Russian mining tycoon Alisher Usmanov; Israeli–British–Russian businessman Viatcheslav Kantor; and Russian Sports Minister and Olympics chief Mikhail Degtyarov.
‘Hungary views the renewal of sanctions as a measure that could undermine ongoing fragile peace talks between the US, Ukraine, and Russia’
Had the agreement not been reached, the entire list of more than 2,000 individuals and entities would have expired on Saturday night. EU member states vote on the renewal every six months, theoretically allowing for a reassessment of Europe’s strategy on Ukraine. However, so far, this has not happened.
Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó previously stated that Hungary views the renewal of sanctions as a measure that could undermine ongoing fragile peace talks between the US, Ukraine, and Russia. However, according to EU officials speaking to POLITICO, Brussels does not consider the negotiations a valid reason to lift sanctions. ‘For us, there are not even the beginnings of the conditions where we would contemplate lifting sanctions,’ one official said.
Ceasefire in Limbo
The renewal comes as US President Donald Trump works to convince Moscow to agree to an immediate 30-day ceasefire, a deal that Ukraine has already accepted. Russian President Vladimir Putin has expressed conditional support for a ceasefire in the ongoing Ukraine conflict but stressed the need to resolve critical concerns through dialogue, particularly with the United States. Putin also raised suspicions over the true motives behind the initiative as Russian forces strengthen their hold on Ukrainian incursions in Russia’s Kursk region.
As part of efforts to pressure Moscow into agreeing to the deal, Washington escalated sanctions on Russia’s oil and gas industry on 13 March by refusing to renew an exemption that allowed Russian banks to access US payment systems for energy transactions.
Trump’s Middle East special envoy Steve Witkoff met with Putin behind closed doors on Thursday. Following the meeting, Kremlin spokesman Dmitry Peskov stated that Russia had conveyed ‘additional information and signals’ to Trump through Witkoff. Trump later described Putin’s remarks as ‘very promising’ but ‘not complete’, adding that he is open to meeting with the Russian leader.
Ukrainian President Volodymyr Zelenskyy dismissed Putin’s response as ‘manipulative’ and suggested that the Russian president is preparing to reject the proposal.
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