European Union foreign ministers approved the extension of sanctions against Russia for another six months on Jan. 27, the EU’s chief diplomat, Kaja Kallas, announced on X.

"Europe delivers: EU foreign ministers just agreed to extend again the sanctions on Russia. This will continue to deprive Moscow of revenues to finance its war. Russia needs to pay for the damage they are causing," Kallas wrote on X.

Hungary’s Prime Minister Viktor Orban has threatened to veto the extension until Ukraine resumes the transit of Russian gas through its territory. The announcement by Kallas comes after Hungarian Foreign Minister Peter Szijjarto said that Brussels had provided the "requested guarantees" on energy security.

"The European Commission is committed to protecting natural gas and oil pipelines leading to European Union member states," the Hungarian chief diplomat said, adding that the European Commission will also ask Kyiv to maintain the oil transit through its territory.

Ukraine terminated Russian natural gas transit through its territory on Jan. 1. Kyiv has repeatedly warned that it would not extend the agreement when it expires at the end of 2024 because it did not want to finance Russia's war.

The end of transit led to a spat between Kyiv on one side and Hungary and Slovakia on the other, with the two latter countries complaining the decision endangers their energy security.

Ukraine continues to transit Russian oil, though a bill on banning the transit has been registered in the parliament.

The EU has imposed 15 sanctions packages against Russia, which include restrictions on individuals and legal entities. The limitations also targeted Russia’s so-called "shadow fleet" of oil tankers and froze Russian assets, among other moves.

In January, the European Commission launched consultations on the 16th package of sanctions against Russia. The restrictions are expected to apply to imports of aluminum, agricultural products, the "shadow fleet," liquefied natural gas (LNG), and Russian banks, according to Radio Free Europe/Radio Liberty.

Putin’s war economy is running on fumes as inflation and shortages surge

Russian President Vladimir Putin frequently boasts about the strength of his country’s economy, claiming that Western sanctions only made it stronger (while in the same breath demanding that they be lifted). In fact, “stagflation” — inflation combined with minimal growth — is coming to Russia. His w…

The Kyiv IndependentAnders Åslund