They have also decided to impose tariffs on agricultural products and fertilizers from Russia and Belarus, and target Russia’s "shadow fleet" involved in circumventing restrictions.
Hungary’s position influenced the decision, as it initially threatened to veto the extension, demanding the removal of several individuals from the sanctions list.
Ultimately, four names were removed, including oligarch Vyacheslav Kantor.
Sanctions prevent Russian oligarchs from regaining EU assets
The sanctions include travel bans to the EU and asset freezes affecting over 2,400 individuals and entities, including Vladimir Putin, his associates and companies from Russia's military-industrial sector.
Without the agreement, the sanctions would have expired, allowing oligarchs to regain access to their assets in the EU.
Previously, Hungary also blocked economic sanctions, citing expectations regarding the policies of US President Donald Trump's administration and negotiations on gas transit through Ukraine.
EU targets Russia's 'shadow fleet,' Baltic Sea transit
Kyrylo Shevchenko, former head of the National Bank of Ukraine, said via social media that the EU's new sanctions package would focus on Russia’s "shadow fleet," impose restrictions on its Baltic Sea transit routes, and target the Russian energy sector.
EU moves forward with tariffs on Russian, Belarusian goods
EU ambassadors on Friday also supported imposing restrictive tariffs on agricultural products and fertilizers from Russia and Belarus, paving the way for negotiations with the European Parliament.
The final decision on these tariffs is expected before Poland’s presidency of the EU Council ends on June 30.
Unlike sanctions, the introduction of tariffs does not require unanimous approval from member states, and the European Parliament is prepared to expedite the legislative process.
Latvian MEP Inese Vaidere is responsible for preparing the report on the proposed tariffs, with key roles in negotiations played by representatives from Central and Eastern European countries.
The report is set to be approved in May by a parliamentary committee, with a final vote scheduled for June during a session in Strasbourg.
(mp/gs)
Source: IAR/PAP/X/@vonderleyen/@KShevchenkoReal