The extensions of the grain deal between Ukraine and Russia are shaky. Moscow complains of persistent problems with its grain exports due to Western sanctions. According to a media report, the EU is now considering concessions to keep the agreement alive.
According to the “Financial Times”, this specifically concerns the reconnection of Rosselkhozbank to the international payment system SWIFT. This must be done through a subsidiary bank. The resulting new institution would then be able to handle payments related to exports.
Agreement has already been renewed twice
Despite the war, the agreement is intended to allow the export of grain and fertilizer from Ukraine across the Black Sea. It was first agreed by Russia and Ukraine last July, brokered by Turkey and the UN, and has since been extended twice.
However, according to the Moscow government, Russian exports of food and fertilizer are hampered by obstacles such as insurance and payment processing. The current extension runs until July 18.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
