EU weighs cutting 20 banks from SWIFT in new Russia sanctions

The European Union is considering cutting more than 20 banks from SWIFT, the international payments system, as well as lowering a price cap on Russian oil and banning the Nord Stream gas pipelines as part of a new sanctions package that aims to increase pressure on Moscow to end its war against Ukraine, Report informs via Bloomberg.

The European Commission is consulting member states over the plans, according to people familiar with the matter. A decision on timing of potential restrictions has yet to be taken, said the people, who spoke on condition of anonymity to discuss private deliberations. EU sanctions require the backing of all member states, and could change before they’re formally proposed and adopted.