The EU’s new Russian sanctions will sever 13 additional Russian banks from SWIFT.

Another 13 banks will be removed from the international payment system as part of the 16th package of EU sanctions. Representatives from 27 EU countries, including Hungary, agreed upon this new set of measures. Russia has reported that 95% of its banking system is already under Western sanctions. A total of 129 credit institutions, which control nearly all the assets of the country’s financial system, have been added to the list of sanctioned instituions.

The latest round of US sanctions targets 50 banks, including Gazprombank – the last state-owned bank that maintained access to dollar settlements and the SWIFT system. However, it is unlikely to be affected by European sanctions, as it continues to process payments for Russian gas, which Hungary and Slovakia purchase €250M of each month. Access to SWIFT will primarily be lost by smaller banks.

The sanctions list will include 35 legal entities and 48 individuals, which consists of officials and propagandists, as well as 73 tankers from Russia’s shadow fleet. The package also entails a phased ban on EU countries purchasing certain types of Russian aluminum products.