In addition to the European Commission, several Western countries are behind the proposal: the United States, the United Kingdom, France, Germany, Italy and Canada.
The exclusion from Swift would prevent banks from trading with the outside world.
- It will block Russian imports and exports, says Ursula von der Leyen.
However, it is unclear which banks are to be covered.
In the past, Germany, like Hungary, has been said to be hesitant about Swift sanctions.
"Damages Putin's ability"
The joint statement called for more sanctions: they want to stop Russian oligarchs from gaining citizenship in the countries and thereby limit their opportunities to move assets abroad.
It also intends to limit the Russian central bank's access to its financial resources.
"This will do considerable damage to Putin's ability to finance the war," said von der Leyen.
A joint working group will also be set up to ensure that the sanctions are in place effectively.
EU ministers meet on Sunday
On Sunday at 6 pm, EU foreign ministers will meet to decide on sanctions against Russia, according to EU foreign representative Josep Borrell.
He also states that he will propose a support package to the Ukrainian military.