UN suggests connecting Russian Agricultural Bank subsidiary to SWIFT and unlocking assets of Russian companies

The UN, with the participation of Turkey, has prepared new proposals for the restoration of the Black Sea Grain Initiative, providing for the connection of the Russian Agricultural Bank subsidiary to SWIFT and the unblocking of the frozen assets of Russian companies producing fertilisers in Europe.

Source: Turkish news agency Anadolu; Maria Zakharova, the representative of the Russian Ministry of Foreign Affairs, on Telegram

Details: Turkish Foreign Minister Hakan Fidan said at a joint press conference with his Russian counterpart Sergey Lavrov in Moscow that the UN has prepared a new package of proposals involving Turkey, and they believe that this may be a suitable basis for reviving the initiative.

The news agency says the most important elements of the package are the connection of the European subsidiary of the Russian Agricultural Bank (Rosselkhozbank) to the SWIFT system and the unblocking of frozen assets of Russian companies producing fertilisers in Europe.

Quote: "While Turkey, coordinating its diplomatic efforts with the UN, continues to revive the Black Sea Grain Initiative, other alternatives to this agreement pose security and cost concerns," the news agency says.

Anadolu recalls that among Russia's demands for the restoration of the Black Sea Grain Initiative there are such points as the reconnection of Rosselkhozbank to the SWIFT system; the restoration of supplies of agricultural machinery and spare parts to Russia, and the lifting of restrictions on ship insurance and bans on access to ports.

Russian Foreign Ministry representative Maria Zakharova commented on Anadolu's information.

Quote: "The new package of UN proposals regarding the 'grain initiative' provides for the reconnection of Rosselkhozbank to SWIFT and the unfreezing of assets of Russian companies, the state-owned Turkish agency Anadolu reported. Earlier, all this was also 'conditional', but it never came into effect," she wrote.

Background: Reuters reported on 13 July that UN Secretary-General António Guterres offered Russian President Vladimir Putin to extend the Black Sea Grain Initiative in exchange for reconnecting the subsidiary of Rosselkhozbank to SWIFT.

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