The European Union is set to propose a ban on Russian oil by the end of the year, with restrictions on imports introduced gradually until then, according to people familiar with the matter.
The EU will also push for more banks from Russia and Belarus to be cut off from the SWIFT international payment system, including Sberbank PJSC, said the people, who asked not to be identified because the discussions are private. The U.S. and U.K. previously imposed sanctions on Sberbank, Russia’s largest financial institution.
A decision on the new sanctions could be made as soon as the coming week at a meeting of the bloc’s ambassadors, according to the people. The proposed measures, which would make up the EU’s sixth package of sanctions since Russia invaded Ukraine in February, have yet to be formally put forward and could change before that happens.