Josep Borrell, European Union High Representative for Foreign Affairs and Security Policy, warned that more Russian banks will be disconnected from the Society for Worldwide Interbank Financial Telecommunications (SWIFT) payment system.
Speaking to reporters in Panama, Borrell informed this without sharing specific details, "I cannot disclose the names or the number of the financial institutions now. And in the energy sector, we are looking for measures that would significantly affect the import of Russian oil," he added, as per Sputnik.
Notably, SWIFT is used by different financial institutions to send and receive information, such as instructions for cross-border money transfers.
According to Borrell, the EU Political and Security Committee is working on the sixth package of monetary sanctions against the Kremlin and he hoped it can be agreed upon at the upcoming meeting of the Foreign Affairs Council.
It was previously reported that the EU planned to impose a ban on Russian oil imports by the end of the year. The EU imposed five sets of sanctions against Russian individuals, organizations, the banking sector, and energy.
