EU considers cutting over 20 Russian banks from SWIFT amid new sanctions package – Bloomberg

The European Union is considering disconnecting more than 20 Russian banks from the SWIFT international payment system as part of a new round of sanctions against Moscow, Bloomberg reported, citing sources familiar with the matter.

In addition to targeting Russia’s banking sector, the EU is also weighing a reduction in the price cap on Russian oil — from the current $60 per barrel to $45. Another possible measure includes a ban on the Nord Stream gas pipeline.

According to the report, the European Commission is currently holding consultations with EU member states, although no deadline has been set for finalizing the decision. Discussions are also underway regarding the imposition of new trade restrictions worth approximately $2.5 billion. The goal is to reduce Russia’s revenue and restrict its access to technologies needed for weapons production.

SWIFT is the world’s largest international banking transaction system. The US and EU began disconnecting Russian banks from SWIFT in February 2022, shortly after Russia’s full-scale invasion of Ukraine. As of late 2024, Russia reported that around 200 of its banks still had access to the system.

In February 2025, the EU’s 16th sanctions package further banned 13 more Russian banks from SWIFT. The 17th package, adopted last week, also imposed restrictions on nearly 200 vessels allegedly linked to Russia’s shadow fleet, as well as 75 individuals and entities.