FT: EU plans to allow Rosselkhozbank to create a subsidiary company to preserve the grain deal

The European Union is considering Russia's proposal to allow the Russian Agricultural Bank, which is under sanctions, to create a subsidiary that can be connected to the SWIFT international transfer system to make payments for grain exports. This is reported by the Financial Times, citing sources.

Russia proposed this plan during negotiations with the mediation of the UN. According to the sources of the publication, this proposal was considered as the most acceptable for the continuation of the grain deal. Currently, the European Union is assessing the legality and the possibility of its implementation.

In May, Russia extended the grain deal concluded in the summer of 2022 with Ukraine with the participation of the UN and Turkey. The agreement is valid until July 17. To extend the transaction, Russia requires the connection of the Rosselkhoznadzor to the SWIFT international payment system. Previously in The Kremlin stated that they did not see the need to extend the deal.

In May, it was reported that the EU would consider lifting restrictive measures from the Rosselkhoznadzor no earlier than the end of the Ukrainian conflict. Recall that the reconnection of RSHB to SWIFT is a requirement of the Russian side in the framework of the grain deal, which was extended in May.