Yes, it is the same(embrace). However, it can also be done with one arm and in this case it isn't always classified as a hug. To be a hug you have to draw somebody towards you.or convey some feeling or emotion.

'Hug' is more than just putting your arms round someone. 'Hug' suggests a little 'squeeze' as well, to show affection of some kind. There is at least momentary pressure when you hug someone.