Russian Banks will have Sanctions Eased to allow for Easier Food Trade
The United States and the EU have denied that the sanctions have affected the food trade...
Sanctions on Russia will be amended by the EU to allow the unfreezing of funds in an attempt to ease bottlenecks in the global trade of food and fertilizers. The move comes as African leaders discuss their opinion on the negative impact of the sanctions on trade.
The changed regulation is expected to be implemented tomorrow as the top Russian lenders Sovocombank, Novikombank, Otkritie, VTB, FC Bank, VEB, Bank Rossiya, and Promsvyazbank will all have economic resources unfrozen. Separately, Sberbank will also become a key component in the unfreezing of assets. Money could be released "after having determined that such funds or economic resources are necessary for the purchase, import or transport of agricultural and food products, including wheat and fertilizers,” according to the draft document.
European Union officials also plan to facilitate exports of food from the Russian ports which have been neglected after EU sanctions were first imposed. Both the United States and the European Union have so far denied that the sanctions imposed on Russia have affected the food trade.