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Reuters: EU to amend sanctions on Russian banks to allow food, fertilizer exports

by The Kyiv Independent news desk July 20, 2022 1:39 AM 1 min read
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The EU will announce the unfreezing of some funds of top Russian banks to ease global food and fertilizer trade on July 20, reports Reuters, citing a draft document. Affected banks include VTB Bank, Sovcombank, Novikombank, Otkritie FC Bank, VEB, Promsvyazbank, and Bank Rossiya. New, separate sanctions to be announced on July 20 will freeze the assets of Sberbank, except for its resources required for food trade, an EU official told Reuters. The decision was made amid growing criticism from African leaders on the negative effects of sanctions on global trade, exacerbated by Russia’s war on Ukraine and its blockade of Ukrainian ports.

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