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April 20
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The European Union will amend its sanctions against Russia to allow the unfreezing of some funds of leading Russian banks, which may be needed to remove bottlenecks in global trade in food and fertilizers, Reuters reported, citing a draft e-document.

The move comes amid criticism from African leaders over the negative impact of sanctions on trade that could exacerbate shortages.

Under the amendments, which are expected to be adopted by EU officials on Wednesday, EU countries will be able to unfreeze previously blocked economic resources belonging to Russia's largest creditors VTB, Sovcombank, Novikombank, FC Otkritie Bank, VEB, Promsvyazbank and Bank Rossiya.

Separately, Sberbank's assets will be frozen under new sanctions to be adopted Wednesday, except for resources needed for the food trade, an EU official told Reuters.

The draft document said the money could be released after it is determined that such funds or economic resources are necessary for the purchase, import or transportation of agricultural and food products, including wheat and fertilizer.

Under the revised sanctions, the EU also plans to ease food exports from Russian ports that traders stopped serving after EU sanctions, despite measures explicitly exempting food exports, the official said.

The EU has so far denied that its sanctions have affected food trade.

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