October 3, 2023


The European Commission is set to propose removing the Russian banks Credit Bank of Moscow and the Russian Agricultural Bank from the SWIFT international payments system, four EU diplomats told POLITICO.

Sberbank would also be hit in the new sanctions package, as Commission President Ursula von der Leyen has previously suggested.

The proposed sanctioning of these banks follows earlier EU decisions to remove other Russian financial services companies from SWIFT. The aim is to ratchet up economic pressure on Moscow in response to Vladimir Putin’s invasion of Ukraine.

The sixth package of sanctions against Russia will also include targeting the Russian oil industry and a number of new listings. Details of the Commission’s plan are expected to be announced on Wednesday, with EU ambassadors due to discuss the proposals later in the day.


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