EU allows partial unfreezing of sanctioned Russian banks’ resources

The European Union will amend sanctioned Russian banks to unfreeze the partial freeze of their funds to facilitate food trade.

Reuters reported that the amendments will make it possible to unfreeze previously prohibited economic resources of VTB, Sovcombank, Novikombank, Otkritie Bank, VEB, Promsvyazbank and Rossiya Bank. It has been specified that these resources are required to “purchase, import or transport agricultural and food products, including wheat and fertilizers.”

Under the revised sanctions, the organization also plans to facilitate the export of food products from Russian ports, which traders stopped serving after sanctions against Russia were imposed, according to an EU representative.

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