Hungary's prime minister says the European Union must abandon its policy of sanctioning Russia for its war in Ukraine or risk causing an economic collapse.

The European Union is working on a new package of sanctions aimed at targeting the shadow fleet of tankers Russia is using to get its oil to market, according to people familiar with the matter.

EU member nations hope to approve the package by the end of the year, in time to adopt the sanctions on Feb. 24, 2025 — the third anniversary of Russia's full-scale invasion.

The European Union needs to reconsider sanctions against Russia as they are keeping energy prices elevated, hindering the bloc's economic competitiveness, Hungarian Prime Minister Viktor Orban said on Friday.

The European Union needs to reconsider its sanctions against Russia, as they are keeping energy prices high and undermining the bloc's economic competitiveness, according to Hungarian Prime Minister Viktor Orbán.