Borrell says a number of banks are “going too far” in implementing EU sanctions

Some banks are “going too far” by refusing to participate in trade with Russia. The European Commission reminds them of the opportunity to service deals with Russian food and fertilizers, stressed Borrell

Josep Borrell

Some banks are “going too far” in enforcing EU anti-Russian sanctions, they will be reminded of the opportunity to serve transactions with Russian grain and fertilizers. This was stated by the head of European diplomacy Josep Borrell at a press conference following the meeting of the EU Council.

“We send letters to all financial and economic structures with explanations of what they can do. But of course, I can't help but point out that some financial institutions <…> independently made the decision not to engage in trade [with Russia]. It's called “going too far,” — he said.

Borrell noted that he sends the necessary information to banks, insurance and transport companies, reminding that EU sanctions do not prohibit them from trading food and fertilizers with Russia.

Earlier on June 20, Borrell reminded that everyone who wants to buy food and fertilizers from Russia can do it freely. He stressed that these goods are not under sanctions.

The head of European diplomacy stressed that food prices in the world are growing precisely because of Russia's military actions in Ukraine, and not because for European sanctions. He warned of “the risk of a great famine”; and urged Moscow to unblock Ukrainian ports for the export of grain.

Russian President Vladimir Putin, in turn, blamed the EU and the United States for possible famine in poor countries.

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He pointed out that Russia is ready to increase the volume of grain supplies next season to 50 million tons and send it to those countries where there is a risk of an increase in the number of hungry people.

Moscow has also repeatedly stressed that they do not interfere with the export of grain from Ukraine, adding that for this Kyiv must clear the approaches to the ports. There are about 20 million tons of grain there.

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