EU To Ease Sanctions On Russian Banks

Russian Central Bank  

Reuters: EU to Soften Sanctions on Russian Banks to Allow Food Trade 

BRUSSELS (Reuters) - 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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Update #1: EU Moves To Unblock Russian Bank Funds To Boost Food Trade (AFP) 

Update #2: EU to soften sanctions on Russian banks to allow food trade (FOX News)  

WNU Editor: This is a major reversal of sanctions, and one that I ma sure Ukraine is not happy with. 

So why the move to help Russian banks now? 

IMHO the "softening" of these sanctions is to not only to allow the trade of food and fertilizer, but to also dissuade any Russian move to make customers for its food and fertilizers pay in rubles thereby undermining the value of the euro even further.