Russia ties a Black Sea truce to lifting of some sanctions

The Kremlin said the truce would “enter into force after the lifting of sanctions on Rosselkhozbank (Russia’s state-owned agricultural lender) and other financial institutions involved in providing international trade operations in food and fertilisers”.

It also called for those institutions to be re-connected to the SWIFT network, an international payment system that some Russian banks have been blocked from using.

The West has not directly sanctioned Russian agriculture, but Moscow has long complained that restrictions on shipping insurance and its state lender Rosselkhozbank – which provides financing to agribusiness – have frustrated its exports.

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