NEW YORK, May 24. /TASS/. The European Union is weighing cutting over 20 banks from the international payments system SWIFT, lowering a price cap on Russian oil and banning the Nord Stream gas pipelines as part of a new sanctions package, Bloomberg reported.
As part of the package under the discussion, the bloc’s executive arm is planning to propose lowering the G7 oil price cap to about $45, Bloomberg quoted sources as saying.
The EU is also weighing additional transaction bans on about two dozen banks and some $2.84 billion worth of fresh trade restrictions as it seeks to further curtail Russia’s revenues and ability to get its hands on the technology needed to make weapons.
A decision on timing of potential restrictions has yet to be taken, Bloomberg said. EU sanctions require the backing of all member states, and could change before they are formally proposed and adopted.
An EU embargo on offshore Russian oil supplies came into force in 2022.
The G7 countries, the EU and Australia imposed a ceiling on prices for Russian oil supplied by sea at $60 per barrel for their subordinate vessels and territories.
In 2023, similar restrictions began to apply to imports of petroleum products from Russia.