EU Proposes Sweeping New Sanctions on Russian Banks

The European Union is preparing to announce a new round of sanctions targeting Russia, focusing on the country's banking and cryptocurrency networks. The package aims to escalate financial pressure on Russia, covering major banks and digital currency platforms to push Moscow towards negotiating peace.

The European Union is set to introduce a 21st package of sanctions against Russia, focusing on its banking and cryptocurrency networks. This move is aimed at increasing financial pressure on Moscow in an effort to push for a negotiated peace deal, according to an EU diplomatic source.

The proposed sanctions could affect up to 90 Russian banks, bringing the total to over 100. These banks account for more than half of Russia's internationally connected financial institutions. The sanctions would include asset freezes, travel bans, and transaction restrictions.

In addition to these measures, the European Commission plans to propose a ban on transactions with 35 Russian banks and several cryptocurrency platforms, which are allegedly aiding Russia in bypassing Western sanctions. These actions are planned in conjunction with EU diplomatic efforts through the EEAS.