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Reuters
Reuters
Business

EU to soften sanctions on Russian banks to allow food trade

FILE PHOTO: European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium June 17, 2022. REUTERS/Yves Herman

The European Union will amend its sanctions on Moscow on Wednesday by allowing the unfreezing of some funds of top Russian banks that may be required to ease bottlenecks in the global trade of food and fertilisers, a draft document showed.

The move comes amid criticism from African leaders about the negative impact of the sanctions on the trade, which may have exacerbated shortages chiefly caused by Russia's invasion of Ukraine and its blockading of ports in the Black Sea.

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