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

The European Union is facing another potential showdown with Hungarian Prime Minister Viktor Orban over his refusal to sign off on an extension of sanctions on Russia over its war against Ukraine.

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.