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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Russia gets US to agree to help lift curbs on food, fertiliser and shipping
maritime security deal in the Black Sea.
Diplomats told Reuters that most of the curbs listed by the Kremlin related to European Union sanctions and restrictions.
What was agreed — and what still needs to happen for the deal to enter force?
WHAT DOES RUSSIA SAY IT WILL GET?
* The lifting of restrictions on state agricultural bank Rosselkhozbank «and other financial organizations involved in ensuring international trade in food (including fish products) and fertilisers, their connection to SWIFT, and the opening of necessary correspondent accounts».
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* The removal of curbs on trade finance operations.
* The removal of sanctions and restrictions on companies producing and exporting food (including fish products) and fertilisers.
* The removal of sanctions and restrictions on insurance companies dealing cargoes of food (including fish products) and fertilisers. Russian Foreign Minister Sergei Lavrov specifically mentioned the Lloyd's of London insurance market.
* The lifting of restrictions on the maintenance of ships in port and sanctions against Russian-flagged vessels involved in the food and fertiliser trade.
* The lifting of restrictions on the supply of agricultural machinery to Russia, «as well as other goods involved in the production of food (including fish products) and fertilisers».
WHERE DID THIS DEAL COME FROM?
The White House said it had agreed with Russia to ensure safe navigation, eliminate the use of force, and prevent the use of commercial vessels for military purposes in the Black Sea, but Washington did not call it the "Black Sea Initiative" as the Kremlin did.
The deal is effectively a return to the Black Sea Initiative, struck in 2022 with the help of Turkey and the United
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