Bloc weighs new sanctions on Russia

Restrictions to hit banks and oil trade

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The European Union (EU) is exploring new sanctions on about half a dozen Russian banks and energy companies as part of its latest round of measures to pressure President Vladimir Putin to end the war against Ukraine.

The package, which would be the bloc’s 19th since Moscow’s full-scale invasion in 2022, could also see the EU target Russia's payment and credit card systems, crypto exchanges as well as further restrictions on the country’s oil trade, according to people familiar with the matter.

The EU is hoping to coordinate some of its latest measures with the US, said the people, who spoke on the condition of anonymity to discuss private deliberations. A delegation of EU officials will be travelling to Washington this week to discuss the potential for joint action.

“We are prepared to increase pressure on Russia, but we need our partners in Europe to follow,’ Treasury Secretary Scott Bessent said in an interview on NBC's Meet the Press on Sunday.