Rabobank clients facing an acute liquidity crunch

According to the Wall Street Journal, Dutch fruit and vegetable farmers are grappling with the effects of Russia's import ban on agricultural goods, with some of their lenders are also feeling the pain.

Rabobank Group, a prominent agricultural lender, said on Thursday that dozens of its clients are facing an acute liquidity crunch after suffering a sharp drop in income.

The ban is mostly hurting producers of tomatoes, bell peppers and pears, the bank said, adding it will offer clients support when needed.

"We will do everything to help them survive the Russian winter," Chief Financial Officer Bert Bruggink said at the presentation of the bank's earnings report.

The import ban, which Moscow adopted earlier this month in response to the European Union's decision to place sanctions on Russia for its role in the Ukraine crisis, affects only a tiny fraction of the Dutch economy. The banned products account for only 0.1% of total Dutch exports, or €527 million ($701 million), according to national statistics bureau CBS.

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