EU to defreeze some Russian assets to enable trade of food & fertilisers

The European Union in a major move on Wednesday will allow unfreezing of some funds of top Russian banks that will assist global trade of food and fertilisers.

The move comes amid criticism from African leaders about the negative impact of the sanctions on the trade and food shortage. Even the acting President of Sri Lanka also blamed the Western sanctions for hurting third world countries.

EU nations will be able to unfreeze previously blocked economic resources owned by top Russian lenders VTB (VTBR.MM), Sovcombank, Novikombank, Otkritie FC Bank, VEB, Promsvyazbank and Bank Rossiya, it has been learnt.


The 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 fertilisers".

The EU also plans to facilitate exports of food from Russian ports, which traders had stopped servicing after EU sanctions.