"In the banking sector, there will be more Russian banks that will leave the SWIFT” payment network, AFP news outlet reported, citing European Union’s (EU) top diplomat Josep Borrell.

Borell added, “a fresh EU sanctions package over Russia's invasion of Ukraine is set to include "more Russian banks" being pushed out of the global SWIFT network.”

This comes as the European Commission is expected to propose the sixth package of EU sanctions this week against Russia over its invasion of Ukraine, including a possible embargo on buying Russian oil.

Market reaction

EUR/USD is trading listlessly above 1.0500, adding 0.11% on the day. The pair is in a bearish consolidative mode, sensing calm amid the pre-Fed anxiety.