Connect with us

Hi, what are you looking for?

European Union

EU weighs concession to Russian bank over Black Sea grain deal

The European Union is considering a proposal for Russian Agricultural Bank to set up a subsidiary to reconnect to the global financial network as a sop to Moscow, the Financial Times said on Monday (3 July).

With the bank, also known as Rosselkhozbank, under sanctions, the move aims to safeguard the Black Sea grain deal that lets Ukraine export food to global markets, the newspaper said.

The step comes after Russia said last week it saw no reason to extend the grain deal beyond July 17, as the West had acted in an “outrageous” way over the agreement, though it assured poor countries that Russian grain exports would continue.

Moscow’s plan, proposed through UN-brokered talks, would let the bank unit handle payments related to grain exports, the paper said, citing sources with knowledge of the matter.


The new unit would be allowed to use the SWIFT global financial messaging system, which was closed to the largest Russian banks after the invasion of Ukraine last year, it added.

As two of the world’s top agricultural producers, Russia and Ukraine are major players in grain and oilseed markets ranging from wheat and barley to rapeseed and sunflower oil. Russia is also dominant in the fertiliser market.

Apart from the restoration of SWIFT access, Russia is also seeking resumption of supplies of farm machinery and parts, and removal of curbs on insurance and reinsurance.


Share this article:

EU Reporter publishes articles from a variety of outside sources which express a wide range of viewpoints. The positions taken in these articles are not necessarily those of EU Reporter.

You May Also Like

European Union

After a Russian-occupied Zaporizhzhia nuclear plant in Ukraine was detained, U.N. nuclear watchdog chief Rafael Grossi announced that the man responsible has been released....

United States

The goal is “energy security,” lobbyists said, although clean-energy advocates counter that wind and solar provide more protection from boom-and-bust oil markets. Russian troops...


For many years we have seen how the Soft Power used by the Kremlin works exclusively through culture, exhibitions, musical groups presentations, etc. It...

United States

The body of the stone dealer had been decaying for several weeks by the time it was found in an Upper West Side apartment....