2023-07-03 07:27:02
The British “Financial Times” reported on July 3 that the European Union is considering a proposal to allow a sanctioned Russian bank to carve out a subsidiary and reconnect to the global financial network. The report said the move was a reassurance once morest Russia aimed at preserving the threatened Black Sea grain agreement, which allows Ukraine to export grain to global markets.
The plan, proposed by the Russian government through U.N.-brokered negotiations, would allow Agricultural Bank of Russia to set up a subsidiary to process payments related to grain exports, according to five people familiar with the matter. The new entity will be allowed to use the SWIFT financial messaging system, which was closed to some of Russia’s largest banks following the outbreak of fighting between Russia and Ukraine last year.
(Article source: Jiemian News)
Article source: Interface News
EU mulls concessions to Russian bank sanctions to safeguard Black Sea food trade
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