The G7 and the EU are formulating a new package of sanctions against Russia, focusing on banks that utilise the Bank of Russia’s financial message transmission system (SPFS), a local equivalent of SWIFT, according to sources cited by Bloomberg on June 2. The EU is revving up to impose a fourteenth sanctions package as it continues to attempt to turn the screws on the Russian economy, without much effect. As bne IntelliNews reported, Russia economy is amongst the fastest growing of all the major economies in the world and the Central Bank of Russia (CBR) predicts at least 2.2% of growth this ye…