EU to sanction Moscow Credit Bank and Russian Agricultural Bank -Sources | world news


BRUSSELS (Reuters) – The European Commission has proposed sanctions against the Credit Bank of Moscow and the Agricultural Bank of Russia, two European sources told Reuters on Wednesday.

Earlier on Wednesday, European Commission chief Ursula von der Leyen said Sberbank would also be sanctioned. EU governments must back the proposal before it is adopted.

If the proposal is approved, the three banks would be locked out of the SWIFT banking system, the source said, which would complicate their dealings with other lenders.

However, the Commission has not proposed a full transaction ban or asset freeze, which has been imposed on other Russian banks in a previous round of EU sanctions, including VTB.

Sberbank is the largest bank in Russia.

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The Commission refrained from proposing sanctions against Gazprombank, which is crucial for gas payments.

The EU has not yet imposed sanctions on Russian gas.

Previous rounds of EU sanctions have targeted other Russian and Belarusian lenders, following Russia’s invasion of Ukraine, which Moscow calls a “special military operation”.

(Reporting by Francesco Guarascio @fraguarascio and Jan Strupczewski; editing by Louise Heavens and Jason Neely)

Copyright 2022 Thomson Reuters.

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