The European Union is preparing another package of sanctions against Russia. It is expected that more banks will be cut off from the SWIFT system. Additionally, there is discussion about targeting another 70 ships from the shadow fleet and introducing a ban on the import of Russian aluminum,

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.

Before reupping the sanctions, Budapest wanted to wait for Trump's inauguration, then insisted Brussels push Ukraine to reopen a gas pipeline running to Central Europe.

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.

European Union ambassadors are meeting in Brussels to address a Hungarian block on extending sanctions on Russia. Hungary's agreement is crucial for passing a statement on energy security and ensuring the continuation of sanctions.

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.

The European Commission has proposed Russian primary aluminium imports be included in its 16th package of sanctions on Russia over its invasion of Ukraine, the proposal document seen by Reuters showed.

Should EU foreign ministers fail to renew the sanctions by January, diplomats say there is still enough time to call an had-hoc emergency EU summit

Aluminum rose in London as the European Union readied a proposal to gradually ban imports of the metal from Russia.