According to a document released on Tuesday, the EU is proposing to make exceptions to its strict sanctions against Moscow that would unblock assets at Russian banks connected to the trade in food and fertilizer.
Member countries “want to make it abundantly clear that there is nothing in the sanctions that is impeding the shipping of grain out of Russia or Ukraine,” an EU diplomat told AFP on condition of anonymity.
The EU’s suggestion is a part of the most recent sanctions update being negotiated by member nations of the group. To become effective, it must receive unanimity of support.
In accordance with the proposed plan, the exception would apply to banks that have already been subject to EU penalties where “such cash or economic resources are necessary for the purchase, import or transportation of agricultural and food items, including wheat and fertilizers.”
It happens as Brussels fights Moscow’s claims that the world food crisis is being brought on by Western sanctions, not by Russia’s invasion of Ukraine.
One EU diplomat deemed it “absolutely acceptable” to provide the food exception.
In order to prevent a predicted amphibious attack, Kyiv buried mines and Russian warships both prevented shipments from crossing the Black Sea.
Tens of millions of people in poorer countries, especially in Africa, where leaders have complained to the EU about the banking restrictions, are now at greater risk of going hungry due to the food shortages.
The United States stated last week that it will not forbid the trade of agricultural products like fertilizer or the sale of farm machinery to Russia.
The EU has implemented an increasing number of six punishment packages on Moscow since Russia invaded Ukraine in February, with the most recent one being designed to narrow loopholes.
In order to carry out a resolution made by the world’s most industrialized countries at a G7 meeting in late June, the EU is also focusing on Russian gold shipments.
At a meeting on Wednesday morning, EU envoys are anticipated to deliberate on the sanctions; either later that day or on Thursday, a statement is anticipated.
Viktor Orban, the prime minister of Hungary and the closest EU official to the Kremlin, criticized the EU’s sanctions stance last week, saying that by hurting Europeans more than Russians, Europe has “shot itself in the lungs.”
