JPMorgan Receives OFAC License to Process Payments for Rosselkhozbank
[ad_1]
American bank JPMorgan Chase & Co. received permission from the US Office of Foreign Assets Control (OFAC) to process payments for Russian Agricultural Bank. This was reported Reuters with reference to a source from the Russian side. However, it will not be possible to use these payments as a replacement for the SWIFT system, the source said.
“JPMorgan has been licensed by OFAC to make payments in respect of agricultural exports, but transactions are difficult,” Reuters quoted the source as saying. JPMorgan Chase & Co. did not respond to agency requests for comment.
Another Reuters source familiar with the terms of the OFAC agreement said the State Department and the US Treasury have asked JPMorgan to conduct a “very limited and highly controlled” agricultural export deal. The deal, according to the agency, took place in April.
Rosselkhozbank was disconnected from the SWIFT system as part of the sixth EU sanctions package in June 2022. Reconnection of Rosselkhozbank to the SWIFT system is one of the key requirements Russia to extend the agreement on the export of Ukrainian grain. The grain deal ends on May 18. April 24 Russian Ministry of Defense threatened Russia’s refusal to renew the grain deal due to the attacks on the Black Sea Fleet base in Sevastopol and the civilian infrastructure of Crimea on March 23 and April 24. The Ministry of Defense blamed the Ukrainian armed forces for them. Ukraine using the grain corridor for attacks by maritime drones denies.
Read more about the deal – in the material “Kommersant” “Everything has its time”.
[ad_2]
Source link
