G7 and EU considering increasing pressure on banks that help russia circumvent sanctions - media

The G7 countries and the European Union are discussing possible increased pressure on banks that help russia circumvent sanctions.

This is reported by Bloomberg with reference to sources.

Some states are known to be considering measures against third-country lenders who use the Bank of Russia's SWIFT-like financial messaging system to circumvent trade restrictions. Last year, its use almost tripled, and now it is used by more than 150 foreign banks in about 20 countries.

Sanctions against this system have been proposed by the European Commission, but several EU countries have opposed a complete ban on the SPFS (System for Transfer of Financial Messages) due to concerns that such a move could harm relations with third countries. Therefore, alternative proposals include sanctions against specific banks that help moscow.

Discussions will continue before the G7 summit in Italy, where leaders intend to agree on a package of measures to better enforce sanctions.