Treasury Secretary Says US Exploring 'Proper Way' to Restore Russia's Connection to SWIFT
Moscow has called on Washington to relax its sanctions as part of efforts to resolve the conflict in Ukraine. US Treasury Secretary Scott Bessent has indicated that all options are being considered regarding the potential lifting of certain...
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Moscow has called on Washington to relax its sanctions as part of efforts to resolve the conflict in Ukraine.
US Treasury Secretary Scott Bessent has indicated that all options are being considered regarding the potential lifting of certain sanctions against Russia. This includes the possibility of reconnecting Russian banks to the Belgium-based SWIFT network.
The US and EU imposed restrictions on major Russian banks by cutting them off from the SWIFT messaging system as part of a long-standing sanctions campaign, which intensified with the escalation of the Ukraine conflict in 2022. As discussions surrounding the Black Sea ceasefire initiative commenced in Saudi Arabia earlier this week, Moscow expressed its desire for its Agricultural Bank and other entities involved in food and fertilizer trade to be reconnected to the international payment system.
Bessent stated in an interview with Fox News on Wednesday, “There would be a long discussion about many things in terms of the proper way to bring Russia back into the international system,” while also noting that it is “premature to discuss the terms of a deal before we have a deal.” He further remarked, “I think everything is on the table,” adding that “it will be determined by the Russian leadership’s next moves whether the sanctions go up or down, and President Trump, I think, would not hesitate to raise the sanctions if it gives him a negotiating advantage.”
The reconnection of Rosselkhozbank to SWIFT was part of the original Black Sea Grain Initiative, which was brokered in July 2022 by the UN and Türkiye. The failure of Western nations to fulfill this commitment, along with allegations of Ukraine misusing the arrangement for military purposes, led Moscow to reject the renewal of the agreement in 2023.
After 12 hours of discussion in Saudi Arabia on Monday, the US and Russia agreed to revive the previously stalled Black Sea deal. President Donald Trump confirmed on Tuesday that his administration is contemplating lifting some sanctions on Russia, stating, “There are about five or six conditions. We’re looking at all of them.”
The SWIFT system, based in Brussels, operates under Belgian law and must adhere to EU regulations. Anitta Hipper, a spokesperson for the European Commission, stated on Wednesday that the bloc will not amend or lift its sanctions until Russia “unconditionally” withdraws all forces from the “entire territory of Ukraine.”
Russian President Vladimir Putin commented last week that Western sanctions are not merely temporary measures but rather a long-term strategy aimed at exerting pressure on Moscow. He asserted that Russia's adversaries will always attempt to weaken the nation. Putin noted that a total of 28,595 sanctions have been imposed on Russian individuals and entities in recent years, surpassing the total imposed on all other countries combined, which has ultimately strengthened the Russian economy by fostering self-reliance.
Mathilde Moreau for TROIB News
US Treasury Secretary Scott Bessent has indicated that all options are being considered regarding the potential lifting of certain sanctions against Russia. This includes the possibility of reconnecting Russian banks to the Belgium-based SWIFT network.
The US and EU imposed restrictions on major Russian banks by cutting them off from the SWIFT messaging system as part of a long-standing sanctions campaign, which intensified with the escalation of the Ukraine conflict in 2022. As discussions surrounding the Black Sea ceasefire initiative commenced in Saudi Arabia earlier this week, Moscow expressed its desire for its Agricultural Bank and other entities involved in food and fertilizer trade to be reconnected to the international payment system.
Bessent stated in an interview with Fox News on Wednesday, “There would be a long discussion about many things in terms of the proper way to bring Russia back into the international system,” while also noting that it is “premature to discuss the terms of a deal before we have a deal.” He further remarked, “I think everything is on the table,” adding that “it will be determined by the Russian leadership’s next moves whether the sanctions go up or down, and President Trump, I think, would not hesitate to raise the sanctions if it gives him a negotiating advantage.”
The reconnection of Rosselkhozbank to SWIFT was part of the original Black Sea Grain Initiative, which was brokered in July 2022 by the UN and Türkiye. The failure of Western nations to fulfill this commitment, along with allegations of Ukraine misusing the arrangement for military purposes, led Moscow to reject the renewal of the agreement in 2023.
After 12 hours of discussion in Saudi Arabia on Monday, the US and Russia agreed to revive the previously stalled Black Sea deal. President Donald Trump confirmed on Tuesday that his administration is contemplating lifting some sanctions on Russia, stating, “There are about five or six conditions. We’re looking at all of them.”
The SWIFT system, based in Brussels, operates under Belgian law and must adhere to EU regulations. Anitta Hipper, a spokesperson for the European Commission, stated on Wednesday that the bloc will not amend or lift its sanctions until Russia “unconditionally” withdraws all forces from the “entire territory of Ukraine.”
Russian President Vladimir Putin commented last week that Western sanctions are not merely temporary measures but rather a long-term strategy aimed at exerting pressure on Moscow. He asserted that Russia's adversaries will always attempt to weaken the nation. Putin noted that a total of 28,595 sanctions have been imposed on Russian individuals and entities in recent years, surpassing the total imposed on all other countries combined, which has ultimately strengthened the Russian economy by fostering self-reliance.
Mathilde Moreau for TROIB News
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