Close Menu

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    2025 MLB All-Star Game: Schedule, channels, times, dates

    How to Handle the 6 Hardest Moments After a Breakup

    Shhhhh! Justin Fields, Jets Working to Avoid the Circus and Revive QB’s Career

    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram Pinterest VKontakte
    Sg Latest NewsSg Latest News
    • Home
    • Politics
    • Business
    • Technology
    • Entertainment
    • Health
    • Sports
    Sg Latest NewsSg Latest News
    Home»Business»EU weighs cutting 20 banks from Swift in new Russia sanctions
    Business

    EU weighs cutting 20 banks from Swift in new Russia sanctions

    AdminBy AdminNo Comments3 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Share
    Facebook Twitter LinkedIn Pinterest Email


    The European Union (EU) 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.

    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.

    The EU is also weighing additional transaction bans on about two dozen banks and some 2.5 billion euros (S$3.7 billion) worth of fresh trade restrictions as it seeks to further curtail Russia’s revenues and ability to get its hands on the technology needed to make weapons. 

    As part of the package under the discussion, the bloc’s executive arm is also planning to propose lowering the Group of Seven (G7) oil price cap to about US$45, the people said.

    That move would likely require backing from the US. The price threshold, which bans G7 service providers from transporting and dealing with crude sold above the cap, is currently set at US$60. G7 finance ministers failed to reach an agreement to bring the cap down at a meeting in Banff, Canada, last week.

    The discussions come as US President Donald Trump has urged Moscow and Kyiv to hold direct talks over a ceasefire and peace agreement. Trump has so far shied away from imposing new sanctions on Russia, despite threatening to do so several times. Sanctions introduced under former US president Joe Biden remain in place.

    BT in your inbox
    Newsletter Img

    Start and end each day with the latest news stories and analyses delivered straight to your inbox.

    Crucially, the EU’s plan to sanction the Nord Stream pipelines already has Germany’s support. For German Chancellor Friedrich Merz, who said in Rome recently that he supports the Commission’s proposal “to start work on European measures against the Nord Stream 2 pipelines”, a key hope is that sanctions could temper debates at home about reviving the projects, Bloomberg previously reported.

    Rumours of a potential revival of the pipeline project have intensified as Trump pushed to broker peace between Russia and Ukraine. Even without a formal ban, activating Nord Stream 2 – which was built but never certified by Germany, and was partially damaged by explosions in 2022 – was unlikely to happen any time soon.

    Sanctions would lend weight to Europe’s position that it doesn’t want any meaningful return of Russian pipeline flows. A ban will also protect Berlin from dealing with any potential US or Russian pressure on its own. Separately, the bloc is planning to phase out Russian fossil fuels by the end of 2027.

    Elsewhere, the EU is looking to expand its sanctions on Russia’s shadow fleet of oil tankers, and is considering further restrictions on lenders seen to be aiding Moscow’s war efforts as well as the Russian foreign direct investment fund, said the people.

    The bloc also wants to include clauses in its next sanctions package – which would be the EU’s 18th since Russia’s full-scale invasion of Ukraine in 2022 – to protect European firms from arbitration under bilateral investment treaties, the people added. BLOOMBERG

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Admin
    • Website

    Related Posts

    Singapore, Cambodia solidify joint efforts in energy, climate finance, agri-trade

    4 dead, 38 missing after ferry sinks on way to Indonesia’s Bali

    Thailand set for another acting PM after cabinet reshuffle

    Asia: Stocks mixed as traders shrug at US-Vietnam trade deal

    Add A Comment
    Leave A Reply Cancel Reply

    Editors Picks

    Microsoft’s Singapore office neither confirms nor denies local layoffs following global job cuts announcement

    Google reveals “material 3 expressive” design – Research Snipers

    Trump’s fast-tracked deal for a copper mine heightens existential fight for Apache

    Top Reviews
    9.1

    Review: Mi 10 Mobile with Qualcomm Snapdragon 870 Mobile Platform

    By Admin
    8.9

    Comparison of Mobile Phone Providers: 4G Connectivity & Speed

    By Admin
    8.9

    Which LED Lights for Nail Salon Safe? Comparison of Major Brands

    By Admin
    Sg Latest News
    Facebook X (Twitter) Instagram Pinterest Vimeo YouTube
    • Get In Touch
    © 2025 SglatestNews. All rights reserved.

    Type above and press Enter to search. Press Esc to cancel.