FT: EU weighs concession to Russian bank over Black Sea grain deal

The European Union is considering a proposal for the Russian Agricultural Bank to set up a subsidiary to reconnect to the global financial network as a sop to Moscow, the Financial Times said on Monday.

With the bank under sanctions, the move aims to safeguard the Black Sea grain deal that allows Ukraine to export food to global markets, the newspaper said.

The European Commission had no comment, while the Kremlin, in response to a question about the report, said it had nothing to announce about the deal's implementation.

The United Nations and Turkey brokered the Black Sea Grain Initiative for an initial 120 days last July to help tackle a global food crisis worsened by Moscow's invasion of Ukraine, one of the world's leading grain exporters. It has been extended three times since but is due to expire later this month.

More than 32 million tonnes of...