JPMorgan could process another 40 Russian grain export payments – source
US bank JPMorgan Chase & Co may process another 40 Russian grain export payments
As UN tries to save deal allowing safe Black Sea exports of Ukrainian grain
Reuters reported last week that JPMorgan processed the first payment for the Russian Agricultural Bank, which was cut off from the SWIFT payment system by the European Union in June because of Moscow's 2022 invasion of Ukraine.
Access to SWIFT for the Russian agricultural bank, known as Rosselkhozbank, is a key Russian demand in talks over the future of the Black Sea deal, brokered by the United Nations and Turkey last July
Russia has indicated it will not agree to extend the Black Sea accord beyond May 18 unless a list of demands are met to remove barriers to its grain and fertilizer exports.
About which the United Nations says that this helps in dealing with the global food crisis, which helps in dealing with the global food crisis. Battle of Moscow in Ukraine.
Talks between Russia and the United Nations on the Black Sea deal are expected to take place in Moscow on Friday, with top trade official Rebecca Greenspan representing the UN.
A source familiar with the discussions said JPMorgan understood it could be asked to process another 40 payments for Rosselkhozbank and was prepared to do so to help deal with the global food crisis.
Russia's grain and fertilizer exports are not subject to Western sanctions imposed after Moscow's invasion of Ukraine, but Moscow says Western restrictions on payments, logistics and insurance are hindering shipments.
A senior State Department official said last week that Washington had broad exemptions for Russian food and fertilizer trade and that Rosselkhozbank was not blocked by sanctions.
The Kremlin said on Wednesday that Russia would continue to engage with both the United Nations and other representatives to see improvements in its global grain and fertilizer exports.