EU considers expelling 20 Russian banks from SWIFT in new sanctions round

EU considers expelling 20 Russian banks from SWIFT in new sanctions round

The European Union is weighing a new round of sanctions against Russia, which includes expelling over 20 Russian banks from SWIFT, the international payments system. The European Commission is consulting member states on these plans, according to sources familiar with the matter [2]. The potential restrictions come as part of a broader package aimed at increasing pressure on Moscow to end its war against Ukraine.

In addition to the SWIFT ban, the EU is considering lowering the Group of Seven oil price cap to about $45 and banning the Nord Stream gas pipelines. These measures are part of the EU's 18th sanctions package since the start of the war in Ukraine [2]. The EU's executive arm is also planning to propose transaction bans on about two dozen banks and further trade restrictions worth around €2.5 billion.

Germany's support for the EU's intention to impose sanctions on the Nord Stream pipelines has been confirmed. German Chancellor Friedrich Merz has expressed hope that these sanctions could temper domestic debates about reviving the projects [1]. Sanctions on the Nord Stream pipelines would reinforce Europe's stance against the meaningful return of Russian pipeline gas.

China has criticized the EU's sanctions, describing them as a manifestation of "double standards." The Chinese Foreign Ministry has stated that the economic restrictions imposed by the EU and the UK against Russian and Chinese businesses have no legal basis in international law [3].

The EU's plans to expand sanctions on Russia's shadow fleet of oil tankers and further restrict lenders seen to be aiding Moscow's war efforts are also under consideration. The bloc wants to include clauses in its next sanctions package to protect European firms from arbitration under bilateral investment treaties.

The upcoming EU sanctions package is expected to be the 18th since Russia's full-scale invasion of Ukraine in 2022. The EU has previously imposed sanctions on 75 individuals and legal entities, as well as companies involved in the military-industrial complex, ships of the "shadow fleet," and "Surgutneftegaz" [3].

References:
[1] https://newsukraine.rbc.ua/news/eu-plans-sanctions-on-nord-stream-2-to-block-1748031608.html
[2] https://www.bloomberg.com/news/articles/2025-05-24/eu-weighs-cutting-20-banks-from-swift-in-new-russia-sanctions
[3] https://unn.ua/en/news/double-standards-beijing-criticizes-eu-sanctions-against-russian-and-chinese-businesses-working-for-the-war