“We intend to exclude Sberbank, the largest bank in Russia, and two other large banks from the SWIFT system. We are thus dealing a blow to banks that are critically important to the Russian financial system and Putin’s destructive capacity,” European Commission President Ursula von der Leyen told the European Parliament.
“This will further isolate the Russian financial sector from the global system,” she added.
The European Commission has also proposed a phased embargo on Russian oil.
Josep Borrell, the European Union’s foreign policy chief, said that the European Union is preparing new sanctions against Russia targeting the oil sector, more banks and those responsible for disinformation, in response to Russia’s operations in Ukraine.
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