Russia sanctions energy sector largely spared Ukraine, vital for Europe

The West is deploying increasingly severe sanctions against Russia, but it is doing everything possible to preserve the country’s biggest source of income: energy exports.

In the latest example, the European Union said on Saturday evening that it had agreed with the United States, the United Kingdom and Canada to eject some of the Russian banks from the payments infrastructure of the global financial system, Swift . The ruling, if applied to all banks, would be powerful, essentially blocking money transfers in and out of the country. By cutting just a few, Western countries are allowing payments, including for energy, to continue through unsanctioned banks.


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