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Euromaidan Press
2 Sep 2023
Orysia Hrudka

Anadolu: UN suggests integrating Russian bank subsidiary into SWIFT & releasing frozen assets

UN, in collaboration with Türkiye, has formulated fresh proposals for reviving the “Grain Agreement,” including integrating a subsidiary of Rosselhozbank into SWIFT and releasing frozen assets of Russian fertilizer firms in Europe, Turkish agency Anadolu reports.

Turkish Foreign Minister Hakan Fidan revealed at a Moscow press conference with Russian counterpart Sergey Lavrov that the UN’s new proposal package, involving Türkiye, could serve as a basis for reinvigorating the initiative.

The proposal highlights the inclusion of a European subsidiary of Russia’s Agricultural Bank (Rosselhozbank) into the SWIFT system, coupled with the release of frozen assets belonging to Russian fertilizer companies in Europe.

Russian Foreign Ministry spokesperson Maria Zakharova responded to Anadolu’s report, stating, “The new UN proposal for the ‘grain agreement’ entails reconnecting ‘Rosselhozbank’ to SWIFT and unfreezing Russian company assets, as conveyed by Türkiye’s state agency Anadolu. Previously envisioned, it never materialized.”

On July 17, Russia suspended the “grain agreement,” warning of potential risks to parties continuing the initiative without its involvement. Additionally, Moscow launched significant shelling of Odesa’s port infrastructure and Danube ports.

Three options for a grain corridor without Russia