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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.

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