MOSCOW, March 20. /TASS/. Russia will suspend its participation in the Black Sea Grain Initiative if there is no progress in implementing the Russia-UN memorandum on Russian agricultural exports, the Foreign Ministry said on Monday.

The further decision to extend the initiative will depend on progress in performing conditions in the context of implementing the memorandum between Russia and the United Nations, the Ministry noted. This includes reconnection of the Russian Agricultural Bank to SWIFT, resumed deliveries of agricultural machinery, spares and service maintenance, cancellation of insurance and reinsurance restrictions and lifting the ban on access to ports, resumed operation of the Togliatti-Odessa ammonia pipeline and the release of overseas assets and accounts of Russian companies dealing with production and transportation of food and fertilizers.

"Our participation in the Black Sea [Grain] Initiative will be suspended without progress in implementation of stated requirements, which are absolutely not new and should be solved within the Russia - UN memorandum’s framework," the Ministry noted.