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)