Russian source: America allows JPMorgan to process export ‎payments to Moscow

A Russian source said that JPMorgan Chase & Co. has obtained permission from the United States to process payments for the Agricultural Bank of Russia, but that this method cannot replace reconnecting the bank to the SWIFT system for financial transactions.

According to Reuters, reconnecting the bank to the Swift system is one of Russia’s main demands in negotiations over the future of the grain export agreement across the Black Sea.

Moscow repeatedly warns that the agreement will end unless the West eases obstacles to Russian grain and fertilizer exports.