It is reported that the European Union’s forthcoming 6th round of sanctions on Russia will be targeting banks, in particular Sberbank (SBER.MM), and the oil industry.
An informed source pointed out that the EU has so far spared Sberbank, which is Russia’s largest bank from previous rounds of sanctioning, because it along with Gazprombank, are the main channels for payments for Russian oil and gas, which the EU countries have continued in buying despite the conflict in Ukraine.
“We are looking further at the banking sector, especially Sberbank, which accounts for 37% of the Russian banking sector. And, of course, there are energy issues,” said the European Commission President Ursula von der Leyen. “The top priority is to shrink Putin’s revenues,” she said, the EU was working on “clever mechanisms” so that oil could also be included in the next sanctions.
In addition, Sberbank has now also become the sanctioned target of the US and UK.