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 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 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,

Hungary, one of Russia’s main friends in the EU, had left its EU counterparts fuming over a refusal so far to approve the move.

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.

BRUSSELS (Reuters) -The European Union renewed its wide-ranging sanctions on Russia on Monday for another six months after Hungary stopped holding up the move in return for assurances about energy security.

The sanctions up for renewal include all sector-based bans on trade as well as the measures that immobilised Russia's central bank assets. Legally, EU countries must unanimously vote to renew these restrictions every six months.