FT learned about the proposal to create a subsidiary of Rosselkhozbank for SWIFT

The European Union is studying a proposal from Moscow, according to which Rosselkhozbank (RSHB), which is disconnected from the SWIFT system, could create a subsidiary that would be connected to SWIFT, the Financial Times (FT) writes, citing sources. According to the interlocutors of the publication, this step will make it possible to secure the Black Sea grain initiative in view of Moscow's threats to refuse to extend it in the future. So far, the deal has been extended until July 17.

The idea was discussed at the EU summit in Brussels last week, FT sources noted that its supporters consider the initiative the "least worst option" for Russia to extend the grain deal. According to them, Russia's recent statements about a possible rejection of the agreement were more serious than before.

The proposal is being studied for legality and chances for implementation, but the issue is complicated by the fact that the RSHB is a completely state-owned bank, the newspaper notes.

In the second half of June, Kremlin spokesman Dmitry Peskov said that there were no prerequisites for extending the grain deal, since the agreements regarding the EXPORT of Russian agricultural products had not been fulfilled. “We heard the statement of UN representatives who are forced to state that, unfortunately, they are unable to exert the proper influence on the countries of the collective West in order to fulfill this Russian part of the deal. Therefore, for now, unfortunately, things are still there, ”he said.

The grain deal, negotiated almost a year ago by Russia and Ukraine separately, brokered by Turkey and the UN, includes two parts: the Black Sea Grain Initiative and a memorandum of understanding between Russia and the UN. The first part concerns the export of Ukrainian agricultural products from the ports of Odessa, Chornomorsk and Yuzhny; the second is the removal of restrictions on Russian agricultural exports.

Moscow's demands include: reconnection of the RSHB to SWIFT; resumption of supplies of agricultural machinery, spare parts and service; the abolition of restrictions on insurance and reinsurance, the lifting of the ban on access to ports; restoration of the work of the ammonia pipeline Tolyatti - Odessa; unblocking foreign assets and accounts of Russian companies associated with the production and transportation of food and fertilizers.