The Kremlin reported that one of the key conditions for the implementation of the Black Sea Initiative remains the return of Russian banks to the SWIFT system and the lifting of sanctions. This is stated in a statement following the meeting in Riyadh.
Lifting sanctions restrictions from the Russian Agricultural Bank and other financial organizations involved in ensuring international trade in food (including fish products) and fertilizers, their connection to SWIFT, opening the necessary correspondent accounts
Thus, Russia and the United States agreed on the implementation of the Black Sea Initiative and the restoration of Russian food exports, but these conditions will come into force only after the lifting of sanctions from the Russian Agricultural Bank and a number of other Russian financial institutions, as well as restrictions on Russian vessels.
The document emphasizes that Russian financial organizations related to international trade in food, fertilizers and fish products should not be subject to Western sanctions. They should have access to correspondent accounts and trade finance operations.
At the same time, the White House did not mention the lifting of sanctions from Russian banks or their return to SWIFT in its statement. Presumably, the easing will only affect individual banks.
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