EU Prepares Sanctions on Third-Party Banks Supporting Russia

The European Union is working on a new sanctions package that will target the Russian financial sector in the latest effort by Ukraine’s allies to place pressure on President Vladimir Putin to negotiate a peace deal to end the war.

The bloc is also preparing to target third-party banks that are supporting Moscow’s war effort, according to a person familiar with the details, who did not want to be named discussing matters that are not public.