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Moscow ready to export grain if EU allows key Russian bank back to SWIFT, says lawmaker

It is noted that no problems in settlements with friendly states occur thanks to the Financial Messages Transmission System (SPFS)

MOSCOW, November 28. /TASS/. Russia is ready to supply grain overseas if the Russian Agricultural Bank is allowed back into the SWIFT system, Chairman of the Financial Market Committee of the State Duma, the lower house of the Russian legislative assembly, said in an interview with the Parlamentskaya Gazeta newspaper.

"Russia is the world’s largest grain producer. This year turned out to be a record high one. Naturally, we are ready to sell surplus grain overseas but we raise the issue of grain supplies capable of being financially serviced by a sector-specific bank closely linked to the agricultural sector - the Russian Agricultural Bank. We see as life goes on, there is an understanding in Europe that a decision on allowing the Russian Agricultural Bank access to use SWIFT must be taken," Anatoly Aksakov said.

No problems in settlements with friendly states occur thanks to the Financial Messages Transmission System (SPFS), the lawmaker noted. Difficulties are only in settlements with the so-called "unfriendly" states because major Russian banks are disconnected from SWIFT. The longer Russian banks remain without the access to international systems, the more banks will be connected to the SPFS system, and the greater the Russian peer systems will develop, he added.