Reuters reported last week that JPMorgan processed the first batch of payments to the Agricultural Bank of Russia, which was cut off from the global SWIFT system by the European Union in June due to the outbreak of war in Ukraine in 2022.
The reconnection of the bank to the SWIFT system is one of Russia’s main demands in the negotiations on the future of the grain export agreement through the Black Sea, which was brokered by the United Nations and the Turkey last July.
Russia has indicated that unless a list of its demands is met to remove barriers to its grain and fertilizer exports, it will not agree to extend the grain export deal through ports of the Black Sea beyond May 18.
The United Nations says the deal helps tackle a global food crisis exacerbated by the war in Ukraine.
Talks between Russia and the United Nations on the deal are expected to take place in Moscow on Friday.
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