USA Russia Visa to JPMorgan

The United States authorized the investment bank JPMorgan Chase & Co to process payments to the Russian Agricultural Bank (Rosselkhozbank), but this facility will not replace the SWIFT messaging system.

The development in question was based on information provided by a Russian source.

The reintegration of Ziraat Bank into the SWIFT messaging system was one of Russia’s main demands for the renewal of the Black Sea grain corridor agreement. Russia has stated that it will not extend the agreement unless the West lifts restrictions on Russian grain and fertilizer exports.

The Russian source said: “JPMorgan has obtained a license from OFAC (US Office of Foreign Assets Control) to process payments for agricultural exports, but the transactions are difficult. This (method) cannot replace SWIFT.”

JPMorgan did not respond to questions.

The US State Department and the US Treasury have asked JPMorgan to conduct “very limited and closely watched” transactions on this month’s agricultural exports, another source familiar with the transactions said.

STATEMENT BY THE REPRESENTATIVE OF RUSSIA AT THE UN

Gennady Gatilov, Russia’s representative to the United Nations (UN), announced that they demanded the reintegration of Russian Ziraat Bank into the SWIFT system and that they did not want the bank’s authority to make transactions “on a case-by-case basis.” in different cases.

At the representation in Geneva, Gatilov told reporters: “What we need is not a case-by-case decision in all cases; what we need is for Rosselkhozbank to rejoin SWIFT to continue its operations.”

Russian Foreign Minister Sergei Lavrov, on the other hand, stated in an earlier statement that a bank “graciously agreed to finance a (Russian) transaction,” but did not disclose the name of the bank. (Reuters)