July 3 (Reuters) - The European Union is considering a proposal for the Russian Agricultural Bank to set up a subsidiary to reconnect to the global financial network as a sop to Moscow, the Financial Times said on Monday. With the bank under sanctions, the move aims to safeguard the Black Sea grain deal that allows Ukraine to export food to global markets, the newspaper said. Russia last week said that it saw no reason to extend the grain deal beyond July 17 because the West had acted in an "outrageous" way over the agreement, though it assured poor countries that Russian grain exports would continue. Moscow's plan, proposed through U.N.-brokered talks, would let the bank unit handle payments related to grain exports, the paper said, citing unnamed sources. "On the one hand, any opportunities for agricultural exports are good.

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Persons: Trofimtseva, SWIFT, Jahnavi, Pavel Polityuk, Kim Coghill, Clarence Fernandez, David Goodman Organizations: European, Russian Agricultural Bank, Financial Times, EU, Thomson Locations: European Union, Moscow, Ukraine, Russia, U.N, Bengaluru