The European Union is planning to implement the sixth round of sanctions against Russia, which is bound to eliminate the country's largest bank, Sberbank, from the swift financial messaging system. According to people familiar with the discussion, the proposed restrictive measures will also target credit bank of Moscow and Agricultural Bank of Russia. Previously, the European Union, the United States and the United Kingdom have banned several Russian banks from using the swift system.
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The European Union will still let gazprombank, which is handling the payment of natural gas from Europe to Russia.
EU leaders held a two-day summit in Brussels and reached a consensus on promoting the embargo on some Russian oil late Monday, paving the way for the sixth round of sanctions.