The EU’s proposal is part of the bloc’s latest sanctions update, which is being negotiated between member states. It will require unanimous approval to take effect.
An exception would be available to banks already on the EU sanctions list if “such funds or economic resources are necessary for the purchase, import or transport of agricultural and food products, including wheat and fertilisers”.
One EU diplomat said allowing an exception for food was “perfectly understandable”.
Russia launched a full-scale war against Ukraine in February and has seized some Black Sea ports while bombing others, including the main Ukrainian grain export port of Odessa.
Ukraine has also placed mines around some ports to defend against a Russian attack.
Ukraine’s agricultural sector is an important source of grain for world markets, especially in the Middle East and Africa, where the food security situation is particularly tense.
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