Treasury secretary says US looking for ‘proper way’ to reassociate Russia to SWIFT

(MENAFN) US Treasury Secretary Scott Bessent confirmed that Washington is exploring all options, including the possibility of reconnecting Russian banks to the SWIFT messaging network, as part of a broader consideration to ease sanctions on Moscow. The US and EU had disconnected major Russian banks from SWIFT as part of long-term sanctions, which were intensified following the Ukraine conflict in 2022.

Russia recently requested the reconnection of institutions like Rosselkhozbank, particularly those involved in food and fertilizer sales, as part of discussions around the Black Sea ceasefire initiative. Bessent noted that while this idea is on the table, it’s premature to discuss specifics before reaching a deal, adding that Russia’s future actions will influence whether sanctions are lifted or increased.

The reconnection of Rosselkhozbank to SWIFT was initially part of the Black Sea Grain Initiative brokered in 2022, but Russia rejected a renewal of the agreement in 2023 due to unmet commitments and concerns about misuse. Following talks in Saudi Arabia, the US and Russia agreed to revive the initiative, and President Donald Trump confirmed that some sanctions could be lifted depending on negotiations. However, the European Commission has stated that it will not lift sanctions until Russia withdraws fully from Ukraine.

Russian President Vladimir Putin criticized the sanctions as a long-term strategy to weaken Russia, pointing to the nearly 29,000 sanctions imposed on the country, which he claims have helped strengthen the Russian economy by fostering self-reliance.

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