The European Union agreed a 6-month extension Monday for a raft of sanctions aimed at depriving Russia of funds to finance its war against Ukraine after Hungary lifted its objections to the move. The sanctions target trade,

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

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.

Hungary's representatives have not yet agreed to a decision on the extension of EU sanctions against Russia. The issue will be considered at an EU Council meeting at foreign minister level on Monday,

BRUSSELS – Hungary removed its veto on the EU's six-month extension of Russia sanctions on Monday, but it may not be its last standoff. The deal was struck after the EU agreed to issue a joint, non-binding statement by top diplomat Kaja Kallas and the European Commission to support Hungary's energy security at Monday's meeting of foreign ministers.

European Union foreign policy chief Kaja Kallas said she expected the bloc to renew its sanctions on Russia on Monday after Hungary signalled it would stop holding up the move in return for assurances about energy security.

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.Most Read from BloombergWhat Happened to Hanging Out on the Street?

This decision followed a prolonged delay attributed to Hungary's objections, which has sought to revive a gas transit deal for UkAfter weeks of delays, Hungary finally allowed the EU to renew sanctions on Russia for another six months.