The EU is seriously considering exempting Russia’s largest agricultural bank from sanctions so that the bank can once again receive international payments.

The Financial Times reports that the purpose of waiving one of the key sanctions against the warring country would be to hold on to the grain deal for exports via the Black Sea.

The deal currently runs until July 17, and Russian spokesmen have repeatedly threatened not to extend the agreement.

In a review conducted by Reuters, it appears that the EU is considering giving the Russian agricultural bank access to the international payment system Swift when it comes to handling payments from trade related to grain and other commodities.

Ukraine and Russia are two of the world’s largest exporters of grain, rapeseed and seeds. Since last fall, exports have been secured by an agreement between the UN, Russia and Ukraine with support from Türkiye.

The so-called grain corridor has secured the export of large quantities of otherwise frozen grain from Ukraine, which, among other things, has secured food supplies to African nations.

Therefore, the UN has repeatedly emphasized the need for an extension.

(The article is provided by our sister media, AgriWatch)