The sanctions target trade, finance, energy, technology, industry, transport and luxury goods and include a ban on seaborne crude oil.

The EU will be able to renew its sectoral sanctions against Russia after Hungary abandoned its veto threat, which it had linked to energy concerns. View on euronews

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.

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.

Hungary wants the European Union to persuade Ukraine to resume gas transit from Russia to Europe, Prime Minister Viktor Orban said on Friday, signalling a tough debate as the EU seeks to extend its sanctions against Russia over the coming week.

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

Before relenting, Budapest had threatened to allow billions of dollars to flow back to the Kremlin in a row over energy imports.