“As for the ‘deSWIFTing’ of Russian banks, it is part of the sanctions imposed by the European Union and other countries,” Stano said, adding that the restrictions can be eased or lifted only after the end of the war.
He attributed the ongoing hostilities in Ukraine as the main impediment to uninterrupted trade flows and the export of food and agricultural products through the Black Sea.
Stano said that the conflict “has exacerbated already serious global food security issues.”
However, he pointed out that Brussels’ sanctions do not affect trade in agricultural and food products between Russia and third countries, and “there are payment options between them as before.”
It was previously reported that the Agreement on the Black Sea Grain Corridor was extended for an additional two months on May 17. Russia has insisted that the reconnection of Rosselkhozbank to SWIFT is a requirement within the framework of the grain agreement.
Furthermore, it was reported that JPMorgan bank has been authorized by the United States to process payments for Rosselkhozbank, thereby avoiding the need for SWIFT connectivity.