As a compromise on Russia sanctions for grain corridor, the EU is considering the possibility of agreeing to the establishment of a subsidiary company by the sanctioned Rosselkhozbank, which will be connected to SWIFT. This is reported by RBC-Ukraine with reference to the Financial Times.
According to the publication’s sources, this step is aimed at protecting the agreement on Black Sea grain, which allows Ukraine to export food products to global markets.
“Russia’s plan, proposed during UN-mediated negotiations, will allow the bank’s division to deal with payments related to grain exports,” the newspaper reported, citing anonymous sources.
The new unit is expected to be allowed to use the SWIFT global financial messaging system, which was closed to Russia’s biggest banks after the invasion of Ukraine last year.
In addition to the renewal of access to SWIFT, Russia is also seeking the restoration of the supply of agricultural machinery and spare parts and the removal of restrictions on insurance and reinsurance.
Source: Apkinform