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Saudi Arabia Adopts Measures to Strengthen Food Security

Image used for illustrative purpose. A farmer displays wheat grains at a field in the Beheira Governorate, Egypt May 3, 2018. REUTERS/Mohamed Abd El Ghany
Image used for illustrative purpose. A farmer displays wheat grains at a field in the Beheira Governorate, Egypt May 3, 2018. REUTERS/Mohamed Abd El Ghany
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Saudi Arabia Adopts Measures to Strengthen Food Security

Image used for illustrative purpose. A farmer displays wheat grains at a field in the Beheira Governorate, Egypt May 3, 2018. REUTERS/Mohamed Abd El Ghany
Image used for illustrative purpose. A farmer displays wheat grains at a field in the Beheira Governorate, Egypt May 3, 2018. REUTERS/Mohamed Abd El Ghany

The Saudi Agriculture Development Fund has approved several loans, worth over SR861 million ($229 million), to finance working capital for the import of agricultural products, within endeavors to strengthen food security in the Kingdom.

The Fund’s Vice Chairman and General Manager, Munir bin Fahd Al-Sahli, stated that the approval of the loans came by government directives to keep pace with current international developments, to ensure an abundance of stock and stability of supplies, and to avoid any disruption in supply chains.

The targeted agriculture crops include barley, maize and soybeans, he noted.

Saudi Arabia recently launched the Middle East Poultry Exhibition, under the slogan “Contributing to Strengthening Food Security” at the Riyadh International Convention and Exhibition Center, with the participation of 150 companies from 30 countries in various sectors of the poultry industry.

Saudi Deputy Minister of Environment, Water and Agriculture, Eng. Mansour bin Hilal Al-Mushaiti, said the government was keen on increasing investment in poultry production as part of a strategic plan to enhance food security and raise the proportion of local production of white meat.

Meanwhile, the Saudi Grains Organization announced the activation of the appointment-booking service through Mahsuli (My Crop) platform for the distribution of local wheat for the 2022 agricultural season.

Eng. Ahmed Al-Faris, the governor of the organization, stated that farmers can start the usual regular procedures through the platform to determine the location of the supply, book appointments, and inquire about the details of the received shipments.

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US Treasury Targets Russia's Gazprombank with New Sanctions

FILE PHOTO: A bronze seal for the Department of the Treasury is shown at the US Treasury building in Washington, US, January 20, 2023. REUTERS/Kevin Lamarque/File Photo
FILE PHOTO: A bronze seal for the Department of the Treasury is shown at the US Treasury building in Washington, US, January 20, 2023. REUTERS/Kevin Lamarque/File Photo
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US Treasury Targets Russia's Gazprombank with New Sanctions

FILE PHOTO: A bronze seal for the Department of the Treasury is shown at the US Treasury building in Washington, US, January 20, 2023. REUTERS/Kevin Lamarque/File Photo
FILE PHOTO: A bronze seal for the Department of the Treasury is shown at the US Treasury building in Washington, US, January 20, 2023. REUTERS/Kevin Lamarque/File Photo

The United States imposed new sanctions on Russia's Gazprombank on Thursday, the Treasury Department said, as President Joe Biden steps up actions to punish Moscow for its invasion of Ukraine before he leaves office in January.
The move, which wields the department's most powerful sanctions tool, effectively kicks Gazprombank out of the US banking system, bans its trade with Americans and freezes its US assets, Reuters reported.
Gazprombank is one of Russia's largest banks and is partially owned by Kremlin-owned gas company Gazprom. Since Russia's invasion in February 2022, Ukraine has been urging the US to impose more sanctions on the bank, which receives payments for natural gas from Gazprom's customers in Europe.
The fresh sanctions come days after the Biden administration allowed Kyiv to use US ATACMS missiles to strike Russian territory. On Tuesday, Ukraine fired the weapons, the longest range missiles Washington has supplied for such attacks on Russia, on the war's 1,000th day.
The Treasury also imposed sanctions on 50 small-to-medium Russian banks to curtail the country's connections to the international financial system and prevent it from abusing it to pay for technology and equipment needed for the war. It warned that foreign financial institutions that maintain correspondent relationships with the targeted banks "entails significant sanctions risk."
"This sweeping action will make it harder for the Kremlin to evade US sanctions and fund and equip its military," Treasury Secretary Janet Yellen said. "We will continue to take decisive steps against any financial channels Russia uses to support its illegal and unprovoked war in Ukraine."
Gazprombank said Washington's latest move would not affect its operations. The Russian embassy in Washington did not respond to requests for comment.
Along with the sanctions, Treasury also issued two new general licenses authorizing US entities to wind down transactions involving Gazprombank, among other financial institutions, and to take steps to divest from debt or equity issued by Gazprombank.
Gazprombank is a conduit for Russia to purchase military materiel in its war against Ukraine, the Treasury said. The Russian government also uses the bank to pay its soldiers, including for combat bonuses, and to compensate the families of its soldiers killed in the war.
The administration believes the new sanctions improve Ukraine's position on the battlefield and ability to achieve a just peace, a source familiar with the matter said.
COLLATERAL IMPACT
While Gazprombank has been on the administration's radar for years, it has been seen as a last resort because of its focus on energy and the desire to avoid collateral impact on Europe, a Washington-based trade lawyer said.
"I think that the current administration is trying to put as much pressure and add as many sanctions as possible prior to January 20th to make it harder for the next administration to unwind," said the lawyer, Douglas Jacobson.
Officials in Slovakia and Hungary said they were studying the impacts of the new US sanctions.
Trump would have the power to remove the sanctions, which were imposed under an executive order by Biden, if he wants to take a different stance, Jacobson said.
After Russia's invasion in 2022, the Treasury placed debt and equity restrictions on 13 Russian firms, including Gazprombank, Sberbank and the Russian Agricultural Bank.
The US Treasury has also worked to provide Ukraine with funds from windfall proceeds of frozen Russian assets.