The European Union is considering a proposal to allow a sanctioned Russian bank to set up a subsidiary to reconnect with the global financial network as a measure to support Moscow, the Financial Times reported on Monday.
This will be aimed at protecting the Black Sea Grain Agreement, which allows Ukraine to export food to world markets, the FT reports.
A plan proposed by Moscow during UN-brokered talks would allow the bank to create a subsidiary to process payments related to grain exports, the FT reported, citing people familiar with the matter.
The new organization will have permission to use the SWIFT international payment system, from which the largest Russian banks were cut off after the invasion of Ukraine.
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Source: Hot News
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