Sheaves on moment graphs and a localization of Verma flags

To any moment graph G we assign a subcategory V of the category of sheaves on G together with an exact structure. We show that in the case that the graph is associated to a non-critical block of the equivariant category O over a symmetrizable Kac-Moody algebra, V is equivalent (as an exact category) to the subcategory of modules that admit a Verma flag. The projective modules correspond under this equivalence to the intersection cohomology sheaves on the graph, and hence, by a theorem of Braden and MacPherson, to the equivariant intersection cohomologies of Schubert varieties associated to Kac-Moody groups.