Head of EU diplomacy Josep Borrell said that at a meeting of the Foreign Affairs Council (FAC) on Sunday will decide to cut off a number of Russian banks from the SWIFT interbank system as part of tightening sanctions against Russia.

"We will also adopt further tough economic sanctions, including exclusion of Russian banks from SWIFT," Borrell said in Twitter.

According to him, in addition to this, the ministers will discuss proposal to use European Peace Facility to finance supply of lethal material to Ukrainian army and how to facilitate related Member State coordination.

As expected, an extraordinary virtual FAC meeting will begin on Sunday at 18:00 local time.

On the night of Saturday to Sunday, the United States, EU, France, Germany, Italy, the UK and Canada announced an agreement reached to disconnect certain Russian banks from the SWIFT system.

SWIFT (Society for Worldwide Interbank Financial Telecommunications) is a system for transmitting financial messages (payment orders, instructions for transferring the Central Bank, reference information) for performing transactions in the payment market, securities, derivative financial instruments. The system unites more than 11,000 financial institutions in over 200 countries.