The plan, proposed by Moscow at the UN-brokered negotiations, would allow the Russian Agricultural Bank to set up a subsidiary for payments related to grain exports via SWIFT, with the move being assessed by EU officials for its legality and feasibility, the newspaper reported.
The report said that the proposal had been discussed by EU leaders at a summit in Brussels last week and was seen as the "least worst option" for extending the deal.
Russia, Ukraine, Turkiye and the United Nations reached an agreement on July 22, 2022 to provide a humanitarian maritime corridor for ships carrying food and fertilizer exports from Ukrainian Black Sea ports. On May 18, 2023, Russia extended the grain deal for 60 days, until July 17.
The deal is an integral part of a package agreement. The second part — the Russia-UN memorandum, designed for three years — envisions the unblocking of Russian exports of food and fertilizers, the reconnection of the Russian Agricultural Bank to SWIFT, the resumption of supplies of agricultural machinery, spare parts and services, the restoration of the Togliatti-Odessa ammonia pipeline and a number of other measures. Moscow says this part of the package agreement has not yet been implemented.
