The European Union is preparing another package of sanctions against Russia. It is expected that more banks will be cut off from the SWIFT system. Additionally, there is discussion about targeting another 70 ships from the shadow fleet and introducing a ban on the import of Russian aluminum,

The European Union renewed on Monday its wide-ranging sanctions on Russia over the war in Ukraine, after Hungary stopped holding up the move in return for a declaration on energy security.

Aluminum rose in London as the European Union readied a proposal to gradually ban imports of the metal from Russia.

The European Union is preparing another package of sanctions against Russia, which is expected to include further restrictions on banks being cut off from the SWIFT system. Additionally, discussion surrounds the targeting of another 70 ships from the so-called "shadow fleet" and imposing a ban on the import of Russian aluminium,

The European Commission has proposed Russian primary aluminium imports be included in its 16th package of sanctions on Russia over its invasion of Ukraine, the proposal document seen by Reuters showed.