Russian banking giant Sberbank has been disconnected from the SWIFT global financial messaging system under a new set of sanctions approved by European Union leaders on Monday. “This sanctions package includes other hard-hitting measures: de-Swifting the largest Russian bank Sberbank,” European Council chief Charles Michel announced following the EU summit.

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The German statistics office Destatis has reported another jump in inflation in May as food and energy prices continue to climb. Annual inflation in Europe’s top economy has reached 7.9%, the highest level since the 1973 oil crisis.