The United States gave JPMorgan permission to process payments for agricultural exports via the Russian Agricultural Bank, but the arrangement was no substitute for reconnecting the bank to the SWIFT system, two Russian sources told Reuters.
A J.P. Morgan logo is seen outside the JPMorgan bank offices in Paris, France, January 27, 2023. REUTERS/Sarah MeyssonnierRussian source: this route cannot replace SWIFTGrain was traded, denominated in USD - second sourcepermission to process payments for agricultural exports via the Russian Agricultural Bank, but the arrangement was no substitute for reconnecting the bank to the SWIFT system, two Russian sources told Reuters.
A Russian source, who spoke on condition of anonymity, said the U.S. Office of Foreign Assets Control had allowed JPMorgan to process the transaction. It involved grain and was denominated in U.S. dollars, according to the second Russian source. A third source also said the transaction was for grain.The JPMorgan route was proposed as an alternative to reconnecting Russian Agricultural Bank to SWIFT, but could be terminated at any time, the first Russian source said. "This cannot replace SWIFT," the source said.
Those exports are not subject to Western sanctions imposed following the February 2022 invasion of Ukraine, but Moscow says restrictions on payments, logistics and insurance are a barrier to shipments.
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