Russia, EU discussing Russian Agricultural Bank spin-off with SWIFT access to save grain deal - FT

MOSCOW. July 3 (Interfax) - Russia has put forward an alternative option for servicing exports under the "grain deal": instead of reconnecting Russian Agricultural Bank to SWIFT, the bank would create a subsidiary with access to the international system to handle payments related to grain exports, the Financial Times reported, quoting sources.

The paper's sources said the initiative was discussed by EU leaders at a summit in Brussels last week. They said the idea of creating a subsidiary of the state bank connected to SWIFT was seen as "the least worst option" to secure support for an extension to the grain deal.