SWIFT to Partially Return to Russia: U.S. Deal Includes Agricultural Concessions
Moscow and Washington have agreed to resume certain operations under the "Black Sea Initiative."
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Russia and the United States have reached an agreement under the so-called "Black Sea Initiative," aimed at ensuring maritime security and restoring export channels for Russian agricultural products and fertilizers. According to the Kremlin, implementation of the deal will begin after a set of conditions is met, including partial reinstatement of Russia’s access to the SWIFT system.
Under the terms of the agreement, the U.S. commits to facilitating the restoration of international supplies of Russian agri-products. This includes lowering insurance costs, expanding access to ports, and resuming transactions through international payment systems.
The provisions of the agreement will take effect after the lifting of sanctions on Rosselkhozbank and other financial institutions involved in export operations, their reconnection to SWIFT, and the reopening of correspondent accounts.
The document also outlines the need to lift restrictions on trade financing, including the issuance of loans and support for transactions involving agricultural goods and fertilizers.
The agreement includes unblocking operations for producers and exporters of agricultural products, including fish, and lifting restrictions on cargo insurance. Additionally, bans on Russian-flagged vessels entering international ports will be lifted, provided they are engaged in food trade.
A separate clause addresses lifting restrictions on the import of agricultural machinery and other goods necessary for the production, storage, and transport of food.
The Kremlin emphasizes that the agreement became possible due to high-level contacts focused on reducing global risks and food insecurity. According to experts, the deal could pave the way for a partial restoration of Russia’s foreign economic ties and set conditions for a gradual return to the international trade and financial system, albeit in a limited format.
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