The European Union is set to extend sanctions on Russia over its war against Ukraine on Monday, with Hungary ready to lift its opposition to the move, according to people familiar with the matter.

The EU countries have reached a compromise on the extension of anti-Russian sanctions, Hungary is expected to withdraw objections to this decision in exchange for the provision of The EU on Energy security guarantees.

The European Union is poised to extend sanctions against Russia for its aggression in Ukraine, with Hungary, previously a holdout, now agreeing to support the measure, Bloomberg reported on January 27.

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 prolonged its blockage of the renewal of sanctions against Russia as Prime Minister Viktor Orban called on the European Union to pressure Ukraine to re-establish the transit of Russian gas to Europe.

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

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.

“Now the issue of extending sanctions is on the agenda, I have put on the handbrake and asked European leaders to understand that this cannot continue,” said Prime Minister Viktor Orbán, speaking to state broadcaster Kossuth Radio. “Hungary cannot be made to pay the price of sanctions in such proportions.”

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.