The European Union will adjust sanctions against Russia in order to be able to partially unfreeze the funds of sanctioned Russian banks, Reuters reported. The measure will facilitate trade in food and fertilizers.

„The EU countries will be able to unfreeze the previously blocked economic resources of major Russian creditors VTB, Sovcombank, Novikombank and Otkritie Bank, VEB, Promsvyazbank and Rossiya Bank,” the agency said, citing the draft document.

Reuters also noted that the European Union is going to freeze the assets of Sberbank, with the exception of those needed for food trade.

The draft document states that funds may be unfrozen „after it is determined that such … economic resources are necessary for the purchase, import or transportation of agricultural products and food, including wheat and fertilizers.”

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