SWIFT is ready to connect the subsidiary of Rosselkhozbank: a chance for new access to international payments.

According to Reuters, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) is ready to connect the RSHB Capital S.A., a subsidiary of Rosselkhozbank, to its payment system within 30 days. The Secretary-General of the United Nations, Antonio Guterres, confirmed this information in a letter dated August 28, as reported by Reuters. The letter states that RSHB Capital S.A. can apply for SWIFT membership and gain access to the system to conduct transactions for food and fertilizer deals based on its current status as a debt securities issuer. This information was cited by Reuters. However, Guterres's proposals regarding the resumption of grain deals were rejected by the Russian Ministry of Foreign Affairs, stating that these were not new proposals and could not be a basis for progress in Russia's agricultural export organization. The diplomatic agency noted that Russia only received new promises from the UN Secretariat instead of the actual lifting of sanctions. The Russian Foreign Ministry also emphasized that the reconnection of Rosselkhozbank to SWIFT does not have alternative working solutions through branches or other communication channels, such as via JP Morgan, for example, as this possibility was closed after the discontinuation of the Black Sea initiative. The Ministry of Foreign Affairs highlighted that a few days before the Russian-Turkish summit in Sochi, Rosselkhozbank received a notification from Commerzbank in Frankfurt about the closure of its correspondent account in euros.