The European Union aims to cut off Sberbank (SBER.MM) , Russia’s largest lender, from the SWIFT international payment system as Western allies seek to further isolate Moscow from financial markets over its war in Ukraine. The latest proposal forms part of the EU’s sixth and toughest round of sanctions, which also includes an embargo on crude oil in six months. read more The measures still have to be approved by the governments of the 27 member states. The EU had previously spared Sberbank from what is seen as the harshest measure because it, along with Gazprombank, is one of the main channels for payments for Russian oil and gas, which EU countries have been buying despite the conflict in Ukraine. The latest step could mark a watershed for the EU, which remains reliant on Russian oil and gas as energy prices surge. The EU’s […]