EU Considers Russian Banking Concession to Preserve Black Sea Grain Deal

The European Union is considering a proposal for the Russian Agricultural Bank to establish a subsidiary in order to reconnect to the global financial network, as a way to safeguard the Black Sea grain deal that allows Ukraine to export food to global markets. The move comes as the deal, brokered by the United Nations and Turkey, is set to expire later this month. Russia is seeking the restoration of SWIFT access, resumption of supplies of farm machinery and parts, and the removal of curbs on insurance and reinsurance.