European Union leaders agreed on a partial ban on oil imports from Russia, and Sberbank will be disconnected from the SWIFT payment data exchange system – these and other important news for Tuesday morning, May 31, in our daily review.

European Union leaders have agreed on a partial ban on oil imports from Russia; pipeline oil supplies will not fall under the embargo, Reuters reports. EU Council head Charles Michel estimated that the ban will immediately cover two-thirds of imported oil. According to the head of the European Commission Ursula von der Leyen, by the end of the year supplies will be reduced by 90%.

Russia will lose about $22 billion in oil revenues a year because of the partial embargo on Russian oil agreed by the European Union, Bloomberg calculated. About $12 bln will be the loss from the refusal of pipeline supplies to Northern Europe, $10 bln – from the ban on sea exports of oil.

Oil prices showed the longest monthly gain in more than a decade, Bloomberg wrote. This is the longest growth streak for Brent crude oil since 2011. The price of oil of this brand exceeded $122 per barrel and reached a two-month high. The cost of Brent for July futures rose by 0.6% to $122.43 per barrel on the London Intercontinental Exchange as of 4:41 Moscow time.

Sberbank will be disconnected from the interbank system of information transfer and payments SWIFT, this measure the leaders of the European Union agreed at the summit in Brussels, discussing the sixth package of sanctions against Russia. This was reported on Twitter by the head of the European Council Charles Michel. He wrote that the package of sanctions includes tough measures, including “deswifting of the largest Russian bank – Sberbank”.

McKinsey, a consulting firm in Russia, will change its brand and business model. The company should abandon the brand by the fall, while it remains on the Russian market and will work not only as a consultant, but also as an investment fund, Forbes writes.