5 Sep 2023 2:23 pm
So much for De Dolarrization
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Russia asked for two specific requests to confirm the grain deal's extension, Turkish President Recep Tayyip Erdogan said during his flight back from Sochi on Tuesday, according to Turkey's state news agency Anadolu.
According to Erdogan, the requests are:
Reconnecting the Russian agricultural bank to the SWIFT system
Insurance of ships used for grain transportation to European ports
Russia "exports 120-130 million tons of grain per year," Erdogan said according to Anadolu. Once the sale is made, it needs to receive the money, but removal of Russian banks from the SWIFT system means the money transfer cannot happen, Erdogan explained further.
Additionally, the ships that transfer the grain need to to be insured so they can transport goods to Europe and other ports, but due to existing sanctions, "the British-based insurance company does not insure the ships," he added.
Turkey has been involved in efforts to strike — and then renew — the UN-brokered Black Sea grain deal between Ukraine and Russia.
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Russia asked for two specific requests to confirm the grain deal's extension, Turkish President Recep Tayyip Erdogan said during his flight back from Sochi on Tuesday, according to Turkey's state news agency Anadolu.
According to Erdogan, the requests are:
Reconnecting the Russian agricultural bank to the SWIFT system
Insurance of ships used for grain transportation to European ports
Russia "exports 120-130 million tons of grain per year," Erdogan said according to Anadolu. Once the sale is made, it needs to receive the money, but removal of Russian banks from the SWIFT system means the money transfer cannot happen, Erdogan explained further.
Additionally, the ships that transfer the grain need to to be insured so they can transport goods to Europe and other ports, but due to existing sanctions, "the British-based insurance company does not insure the ships," he added.
Turkey has been involved in efforts to strike — and then renew — the UN-brokered Black Sea grain deal between Ukraine and Russia.