Concession plan to the Russian Agricultural Bank due to the EU grain agreement
The European Union (EU) is considering making a proposal to the Russian Agricultural Bank to establish a subsidiary to reconnect to the global financial market.
According to the Financial Times story, the bank, also known as Rosselkhozbank, falls within the scope of the sanctions.
This step is said to be aimed at protecting Ukraine’s Black Sea grain deal, which allows food exports to global markets.
YOU WILL HAVE PERMISSION TO USE THE SWIFT SYSTEM
Russia said last week that it sees no reason to extend the grain deal beyond July 17, but said it would continue to export grain from Russia to poorer countries.
It was also stated in the news that the unit to be established would have permission to use the SWIFT banking system.
After Russia invaded Ukraine last year, the SWIFT system was closed to the country’s major banks. (Reuters)
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
