The European Union is studying the possibility of lifting sanctions from Rosselkhozbank Rosselkhozbank and relinking it to the SWIFT financial transfer system as part of a grain deal.
“We noted Russian demands for the role of Rosselkhozbank in transactions related to food and agriculture, as well as the perceived difficulties associated with its separation from SWIFT,” Izvestia wrote on Monday, citing spokesman Peter Stano. EU High Representative for Foreign Affairs and Security Policy. While this makes transactions more expensive and slower, payment is still possible.
The European official indicated that any amendment to the EU measures must be unanimously adopted by the member states of the Council, and the EU measures provide for exemption from sanctions, allowing EU operators to deal with affected Russian banks.
“A sufficient number of payment channels remain open, given that most Russian banks are not subject to sanctions and are not separated from SWIFT, including large financial institutions such as Gazprombank,” he added.
In turn, the head of the Russian Grain Union, Arkady Zlochevsky, told Izvestia: “Roselkhozbank plays a big role for local agricultural companies, but operations through other banks are difficult due to sanctions.”
“We do not receive or make any payments through the Russian Agricultural Bank. We work mainly through international intermediary banks, for example, Turkish banks,” he added.
“But lately, these banks have also been afraid of secondary sanctions, which makes it very difficult for Russian agricultural companies to work and conclude contracts,” he added.
Source: TASS