JPMorgan stops processing payments for Russian grain exports

JPMorgan stops processing payments for Russian grain exports

The American bank JPMorgan has stopped processing payments from Russia's Rosselkhozbank, which is under sanctions from the United States and the European Union.

According to Ukrinform, the official spokesperson for the Russian Foreign Ministry, Maria Zakharova, stated this.

"The direct channel established between Rosselkhozbank and the American JPMorgan, which Western capitals and the UN tried to present as a working alternative to SWIFT, was closed on August 2," Zakharova said on August 4, commenting on the U.S. Secretary of State's statement about the Black Sea Initiative.

The restoration of Rosselkhozbank's connection to the SWIFT international payment system was one of Russia's demands for the continuation of the grain deal.

Read also: Essity leaves Russian market

As reported, U.S. Secretary of State Antony Blinken said on August 3 that the international community is interested in providing the world market with food, so the resumption of the Black Sea Grain Initiative is one of the tools to ensure that food is available, and prices are low.

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