The EU Friday agreed to drop three Russian individuals from its sanctions list as the price for Hungary's Viktor Orban to drop a threat to veto Europe's sanctions against Russia.

The European Union has reached a deal with Hungary to renew sanctions on more than 2,400 primarily Russian entities and individuals hours before they were set to expire on March 15, an EU official with knowledge of the negotiations told the Kyiv independent.

The EU has removed three Russian oligarchs from the latest sanctions list under pressure from Hungary, Vedomosti reported on March 14 citing Bloomberg. EU sources say the three unnamed Russian citizens were removed from the sanctions list and the EU has begun the so-called written procedure,