EU to consider Russia's expulsion from SWIFT in third sanctions package

Russia's expulsion from SWIFT, the widely-used system of financial transactions, is back on the table for a third round of EU sanctions, despite previous attempts to exclude it.

As Moscow continues its invasion of Ukraine, Western countries are coming under increasing pressure to come up with extreme measures that would force the Kremlin to agree to a ceasefire and stop the violence.

EU leaders have already approved two rounds of sanctions that target Russia's financial, energy and transport sectors, tighten export control, including semiconductors, and restrict visa issuance. The penalties also include travel bans and the freezing of assets of a President Putin's inner circle.

Together, the bloc aims to cripple at least 70% of Russia's banking system in order to cut off the funds needed to bankroll the invasion.

"Second wave of sanctions with massive and severe consequences politically agreed last night," said European Council President Charles Michel. "Further package under urgent preparation."

But the Kremlin appears undeterred by threats of sanctions, which the EU is imposing in coordination with the United States, the United Kingdom, Norway, Canada, Japan and Australia.

All eyes turn now to SWIFT, which is seen as a last-resort, dramatic measure to change Moscow's mind.

EU foreign affairs ministers flew to Brussels on Friday to finalise the new raft of sanctions and discuss an third sanctions package, in which the payment system is back on the table.

"Many countries want to go beyond what's being agreed today," Simon Coveney, Ireland’s Foreign Affairs Minister, told Euronews before heading to the ministerial meeting.

"I understand that there is already a third package of sanctions that includes the [SWIFT] system, which may