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Germany is ready to impose sanctions on Sberbank, Russia’s largest lender, in line with the proposal mooted by European Union, Bloomberg reported citing undisclosed sources.

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Earlier this month, European Commission head Ursula von der Leyen revealed that the EU is working on a new package of sanctions to particularly target Sberbank. 

Notably, some of the member states of the EU have been reluctant in sanctioning Sberbank because it plays a key role in processing payments for Russian energy imports.

Germany was always concerned that sanctioning Sberbank would interrupt energy import, the publication said citing diplomats and documents. 

In recent weeks, the German government has tapped alternative sources to meet its energy demands and is now planning to support the ban on Russian oil, sources familiar with the EU discussions told the publication. 

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The news follows Russian President Vladimir Putin’s decision to halt gas supplies to Poland and Bulgaria as they refused to pay for energy imports in rubles. 

The new sanctions are likely to include a phased ban on Russian energy imports.

“We are looking further at the banking sector, especially Sberbank, which accounts for 37% of the Russian banking sector. And, of course, there are energy issues,” the EC chief had said earlier. 

Notably, the US, the UK and Japan have already targeted Sberbank with sanctions. 

Earlier this month, the EU blocked Bank Otkritie, Novikombank, Sovcombank, and VTB Bank as part of the fifth round of sanctions.