The EC will consider lifting sanctions from Rosselkhozbank

The European Union is exploring the possibility of lifting sanctions on Rosselkhozbank and reconnecting it to the SWIFT system to facilitate the EXPORT of Russian agricultural products, in particular,conducting transactions through the bank

The European Union is considering the possibility of lifting sanctions from Rosselkhozbank and reconnecting it to the SWIFT international payment system, which Moscow is seeking to facilitate the export of agricultural products, European Commission spokesman Peter Stano said in an interview with Izvestia.

“We have duly taken note of Russia's claims regarding the role of Rosselkhozbank in transactions related to food and agriculture, as well as the perceived difficulties caused by its disconnection from SWIFT. While this makes transactions more expensive and slower, payments are still possible,” the diplomat said.

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He stressed that any amendment to the EU measures would require a unanimous decision by the member states of the Council.

Stano noted that “a sufficient number of payment channels” remain open, since most Russian banks have not been sanctioned and are not disconnected from SWIFT, in particular Gazprombank, through which transactions on transactions in the oil and gas sector pass.

In addition, he points out, EU restrictions include exceptions that allow doing business with sanctioned Russian banks in food and fertilizer deals. Stano said that EU sanctions are not aimed at trade in agricultural and food products between RUSSIA and third countries.

The Ministry of Foreign Affairs announced its intention to reconnect Rosselkhozbank to SWIFT Politics

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Rosselkhozbank is under sanctions including the US , EU, UK and CANADA. In the summer, the bank was disconnected from the SWIFT international payment system.

Foreign Ministry spokeswoman Maria Zakharova said at the end of September that Russia expects "efforts" from the UN to get the EU and the US to lift a number of restrictions that prevent the full supply of Russian fertilizers and grain to the world market. In particular, it was about lifting sanctions from the Russian Agricultural Bank, which "serves the lion's share of all transactions with fertilizers and food," Zakharova said.

In July, when signing agreements under which grain blocked there after the outbreak of hostilities is exported from Ukrainian ports, Russia and the UN also agreed that the organization would help remove obstacles to the export of Russian agricultural products.

There are no direct sanctions on supplies, but there are a number of indirect restrictions that hinder trade, such as a ban on Russian-flagged ships entering EU and US ports.

In early November, REUTERS reported that Russia offered Western countries to lift sanctions against Rosselkhozbank, which would allow to restore ties with correspondent banks for grain exports. The issue is being discussed with the EU and other parties, the UN source said.

Later, Russian Deputy Foreign Minister Sergei Vershinin said that Moscow was seeking to lift sanctions from Rosselkhozbank and reconnect it to SWIFT after consultations on ensuring global food security in Geneva. A temporary measure, he said, could be opening correspondent accounts with some foreign banks, such as Citibank and JPMorgan.