European Commission to consider sanctions removal from Russian bank

The EU took note of Russia’s position on the importance of the Russian Agricultural Bank in the export of agricultural products. Brussels will consider lifting the sanctions, according to Lead Spokesperson for Foreign Affairs and Security Policy of the European Commission Peter Stano, reported from Izvestiya newspaper.

The EU duly took note of Russia’s claims regarding the role of Rosselkhozbank (Russian Agricultural Bank) in transactions related to food and agriculture, as well as the perceived difficulties caused by its disconnection from SWIFT, Stano said. He noted that payments are still possible, but transactions have become more expensive and slower.

The EC representative noted that a sufficient number of payment channels remain open: most Russian banks are not disconnected from SWIFT, including Gazprombank. In addition, the sanctions regime provides for exceptions for transactions with products and fertilizers involving sub-sanctioned banks.

Peter Stano reminded that the EU restrictions are not aimed at trade in agricultural and food products between the Russian Federation and third countries.





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