Financial isolation: EU to hit banks supporting Putin with sanctions
Russian President Vladimir Putin (Getty Images)
The European Union is working on a new sanctions package that could target not only Russian financial institutions but also foreign banks that help the Kremlin evade restrictions and finance its war against Ukraine, Bloomberg reports.
According to the publication, the European Union is working on a new sanctions package targeting Russia's financial sector, as part of the latest efforts by Ukraine's allies to pressure Russian President Vladimir Putin into agreeing to a peace deal that would end the war.
Reportedly, according to an anonymous source, the bloc is also preparing to target third-party banks that support Moscow's war efforts.
"We want peace and we have to increase the pressure on President Putin until he is ready for peace. And this is why we're working on a new package of sanctions," said European Commission President Ursula von der Leyen.
EU sanctions against Russia
The European Union adopted its previous — 16th — package of sanctions against Russia in February of this year. Since then, discussions have continued regarding the next round of restrictions.
Ukraine's European partners had signaled their readiness to impose stricter measures on Russia if it refused to agree to a ceasefire. In recent days, EU officials confirmed they are considering additional sanctions.
On May 14, European Commission President Ursula von der Leyen announced that the EU had agreed on the 17th sanctions package against Russia.
Additionally, European Commission spokesperson Paula Pinho stated recently that if Russian President Vladimir Putin failed to travel to Türkiye for peace talks with Ukrainian President Volodymyr Zelenskyy on May 15, further sanctions would be imposed on Russia.
Recently, RBC-Ukraine reported on what Ukrainian President Volodymyr Zelenskyy hopes to see included in the 17th sanctions package.
