EU plans to ease controls on food trade


International Business News  –  According to a number of foreign media reports, the European Union is scheduled to release a document on Wednesday (July 20) local time to relax sanctions restrictions on grain exports from Russian ports and unfreeze previous funds to some major Russian banks.

According to reports, some Russian ports had previously stopped exports due to sanctions, and the draft showed that the EU intends to relax sanctions restrictions on traders exporting grain from these ports. An EU official also revealed that the draft plans to facilitate grain exports from Russian ports.

In addition, the EU will also allow the thawing of part of the funds of Russia’s main banks for food and fertilizer trade. These banks include VTB, Sovkom Bank, New Commercial Bank, Russian Foreign Economic bank, Industrial Communication Bank of Russia and Bank of Russia, ect.

The draft emphasizes that the EU can only allow the economic assets of the above-mentioned banks to be thawed under the premise that it is necessary to use the above-mentioned bank funds to buy, import or transport food and fertilizers.

The ruling is unpopular, and many parties call for Russian and Ukrainian grain to return to the market.

Earlier, some African leaders criticized the EU’s sanctions against Russia for exacerbating the global food crisis. United Nations Secretary-General Antonio Guterres has also repeatedly said that the world is facing a “catastrophic” prospect and should try to get Russian and Ukrainian grain back into the market.

Yesterday, Turkish Defense Minister Akar said that a four-party meeting on Ukraine’s grain export issue may be held this week, to discuss the establishment of a coordination center in Istanbul with the participation of representatives from all parties, joint control of port entry and exit, and ensuring shipping safety on established navigation routes question.

In the past few days, British media reported that Ukraine and Russia are close to reaching an agreement to ensure the safe passage of millions of tons of grain through the Black Sea, but there are still differences on how to ensure the safety of the route.

At the end of May, Russian President Vladimir Putin said that Russia is ready to contribute to overcoming the global food crisis by exporting grain and fertilizers, but only if the West lifts politically motivated restrictions.


Leave a Reply

Your email address will not be published.