The United States has authorized JPMorgan Bank to process payments for Russian agricultural exports through Rosselkhozbank, but has not yet granted permission to reconnect the bank to the SWIFT system.
Source. Reuters writes about this with reference to two Russian sources.
Access to the SWIFT payment system is one of Russia's main demands in the negotiations on the future of the grain agreement on grain exports by the Black Sea.
The Kremlin has repeatedly warned that the deal will not be extended after May 18 unless the West removes obstacles to Russian grain and fertilizer exports, including financing and export insurance through banks.
A Russian source, speaking on condition of anonymity, said that the transactions were authorized by the US Office of Foreign Assets Control.
"The deals are complex," the source said.
According to the source, JPMorgan's access was offered as an alternative to reconnecting Rosselkhozbank to SWIFT, but can be terminated at any time.
"It cannot replace SWIFT," he said.
Russian Foreign Minister Sergei Lavrov said at a UN briefing on Tuesday that one bank "lovingly agreed to finance one transaction," but that this is not an acceptable long-term solution. Lavrov did not name the bank.
Another source familiar with the deal said that the U.S. State Department and Treasury Department asked JPMorgan to conduct a "very limited and strictly controlled" deal on agricultural exports that took place this month.
Background. More about this – in the article "Short Corridor: Grain Deal Extended for 120 Days, but De Facto – Half as Long".