EU seeks to cut Russia off from SWIFT

The European Union is analysing the possibility of introducing new sanctions against Russia, including the disconnection of Russian banks from the SWIFT system, a ban on imports of Russian liquefied natural gas (LNG) and aluminium, as well as restrictions on the activities of the shadow fleet.

According to Bloomberg, as part of the 16th sanctions package, the EU is considering the phased introduction of restrictions on imports of Russian aluminium. The specific timelines and scale of this step have not yet been determined. 

The cessation of purchases of Russian LNG is also under discussion, with import volumes having increased significantly last year. This may lead to support for the decision from major importers such as Spain, Belgium and France, which are unlikely to object to new restrictions.

At the same time, the EU plans to expand sanctions on Russian vessels involved in oil transportation, as well as to disconnect the remaining Russian banks from the SWIFT system. 

However, restrictive measures against pipeline gas supplies are not being considered, sources note, as some countries, including Hungary and Slovakia, still rely heavily on these supplies.

In addition, the EU is considering expanding the sanctions list to include companies from third countries, such as China and the United Arab Emirates, which are providing Russia with support in the field of technologies used in the military sector.