US allows world's largest bank to deal with Russia - Reuters

US allows world’s largest bank to deal with Russia – Reuters

The transaction was cleared by the US Office of Foreign Assets Control.

The United States has given JPMorgan Chase & Co (JPM.N) permission to process the payment for Rosselkhozbank, which could be an alternative to reconnecting Russia to SWIFT .

According to Reuters , the transaction was cleared by the US Office of Foreign Assets Control, but JPMorgan’s route could be terminated at any time.

Russian Foreign Minister Sergei Lavrov confirmed this information, saying at a briefing at the UN that “one bank kindly agreed to finance one operation.” Bank Lavrov did not name.

According to the story, a source familiar with the deal said that the US State Department and the US Treasury have approached JPMorgan with a request for a “very limited and highly controlled” deal regarding the export of agricultural materials, which occurred this month.

Disconnecting Russia from SWIFT

After the Russian invasion of Ukraine, the West imposed several packages of sanctions against the Russian Federation, including the disconnection of Russian banks from the global SWIFT bank payment information system.

(C)UNIAN 2023