Borrell Admits EU Banks Have 'Crossed the Line' on Sanctions Against Russia

Some EU banks have gone too far in their sanctions against Russia. This was stated by the EU's High Representative for Foreign Affairs and Security Policy, Josep Borrell, during a press conference following the meeting of the Association Council in Luxembourg, as reported by Life.ru.

"We cannot avoid situations where some financial institutions, as was the case with sanctions against Iran, decide voluntarily not to engage in trade. This is an over-implementation of sanctions," Borrell said.

He added that letters will be sent to banks to clarify that they can engage in transactions involving Russian grain. According to Borrell, necessary information should also be provided to transport systems and insurance companies.