JPMorgan Halts Russia's Grain Payments, Moscow Reacts

JPMorgan has reportedly stopped processing payments for the Russian Agricultural Bank, which was cut off from the SWIFT international payments system by the EU last year. JPMorgan had been handling some Russian grain export payments. The Russian Foreign Ministry called for the reconnection of Rosselkhozbank to SWIFT and the restoration of Russian companies' access to their foreign assets. The EU's top diplomat argued that Russia would benefit from higher food prices and increase its market share in the global grain market by limiting Ukraine's capacity to export.