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US Banks Keep Financing Trade of Russian Crops as EU Peers Balk

  • European banks are wary of involvement due to sanctions
  • Some traders have moved to Dubai to keep trading Russia wheat

Banks in the US and Middle East continue to do what self-sanctioning is stopping their European counterparts from doing: Financing the trade of crucial Russian crops and fertilizers.

Sanctions on Russia over its invasion of Ukraine haven’t targeted its farm sector because of the key role it plays in helping to feed the world. The US has reiterated that food and fertilizers aren’t part of any restrictions to ease buyers’ concerns, and Middle Eastern and Asian countries have mostly avoided penalties on Moscow altogether.