The European Union is considering a Russian proposal to allow the creation of a subsidiary of the Russian Agricultural Bank to facilitate the extension of a deal that allows Ukraine to export grain via its Black Sea ports, the Financial Times reported on July 3. Moscow has threatened not to extend the deal beyond July 17 because international sanctions are impeding its own agricultural exports. The proposed new unit would be allowed access to the SWIFT financial messaging system, which was closed to Russian banks following Moscow's February 2022 invasion of Ukraine. Russia has also demanded access to farm-machinery supplies and the lifting of insurance restrictions. To read the original story by Reuters, click here.
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