UN Urges Putin to Extend Black Sea Grain Deal for SWIFT Access

UN Secretary-General Antonio Guterres has proposed to Russian President Vladimir Putin that he extend the Black Sea grain export deal with Ukraine in exchange for connecting a subsidiary of Russia's agricultural bank to the SWIFT international payment system. Russia has threatened to end the grain deal due to unmet demands, including the reconnection of the Russian agricultural bank to SWIFT. The EU is considering connecting a subsidiary of the bank to SWIFT specifically for grain and fertilizer transactions. Guterres has suggested extending the grain deal to allow time for this connection. The United Nations and Turkey brokered the Black Sea Grain Initiative in 2022 to address the global food crisis caused by Russia's invasion and blockade of Ukrainian ports.