UNITED NATIONS - Russia signalled on Thursday that if demands to improve its grain and fertiliser exports are not met then it will not extend beyond July 17 a deal allowing the safe wartime export of the same products from three Ukrainian Black Sea ports.
“If Rosselkhozbank is not connected to Swift and there is no progress on the implementation of other ‘systemic’ problems that are blocking our agricultural exports, then the ‘Black Sea initiative’ will also have to look for alternatives,” Russia’s Foreign Ministry said in a statement on Thursday. Under the pact - and as an alternative to returning Rosselkhozbank to Swift - US bank JPMorgan Chase & Co has processed some Russian grain export payments, sources told Reuters last month, and could process dozens more. But Russia has dismissed this as unsuitable in the longer term.
A Ukrainian government source told Reuters last Friday that Kyiv would consider allowing Russian ammonia to transit its territory for export if the Black Sea grain deal was expanded to include more Ukrainian ports and a wider range of commodities.
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