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Grain Payments

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international-relations2 years ago•1 min saved

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.

via POLITICO Europe|

#black-sea-grain-initiative #grain-payments #international-relations

finance2 years ago•3 min saved

JPMorgan Halts Grain Payments for Russia, Prompting Concerns

Russia has accused JPMorgan of halting the processing of payments for the Russian Agricultural Bank, as Moscow demands concrete actions from the US to facilitate the export of Russian grain and fertilizer. Russia has a list of demands that need to be met before it will return to a deal that allowed safe Black Sea exports of Ukrainian grain. One of the key requirements is the reconnection of the Russian Agricultural Bank to the SWIFT international payments system. While the US has promised to ensure Russia's food exports if the Black Sea grain deal is revived, JPMorgan's cooperation in processing Russian grain export payments has ceased.

via Yahoo Finance|

#exports #finance #grain-payments