Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Israeli media: At least two soldiers killed by anti-tank missile fired at Israeli army forces in the Gaza Strip
Local Syrian sources: Mortar shells fell on more than nine villages in the Sweida countryside
Local Syrian sources: Dozens of dead and wounded have arrived at Sweida hospitals as a result of ongoing clashes at several locations in the western Sweida countryside
Local sources: Civilians, including children and women, were injured in the al-Maqous neighborhood of Sweida, in Syria, as a result of ongoing clashes
Israeli media outlet: Security incident reported in the Gaza Strip
Iranian Foreign Ministry spokesperson: No new date or venue has been set for the meeting between Araghchi and Witkoff, and no negotiations will take place until the outcome is guaranteed
Palestinian platforms: Settlers storm Al-Aqsa Mosque complex under the protection of the occupation police
Palestinian platforms: The IOF detonated a booby-trapped robot east of the al-Zaytoun neighborhood, south of Gaza City
Syrian Defense: We call on all parties in Sweida to cooperate with security forces and exercise restraint
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation

Russia discussed with UN reconnecting Russian agrarian bank to SWIFT

  • By Al Mayadeen English
  • Source: Agencies
  • 12 Nov 2022 19:19
4 Min Read

Russia is mulling reconnecting the Russian Agricultural Bank to the SWIFT payment system in order to facilitate grain exportation amid a global food crisis.

  • x
  • The Russian Agricultural Bank (Rosselkhozbank)
    The Russian Agricultural Bank (Rosselkhozbank)

Russia discussed with UN officials in Geneva the issue of reconnecting Rosselkhozbank, the Russian Agricultural Bank, to the SWIFT payment system, with the former saying it was ready to solve the problem, Russian Deputy Foreign Minister Sergey Vershinin said on Saturday.

Last February, Russian banks were excluded from the SWIFT interbank payment system by the European Commission and its allies. The maneuver was intended to hit the country's banking network and its access to funds via SWIFT, which is pivotal for the smooth transaction of money worldwide.

"From my point of view, reconnecting Rosselkhozbank [to SWIFT], which processes the majority of agricultural transactions, is a key issue," the top Russian diplomat said commenting on the results of the Friday talks.

United Nations chiefs held discussions with Russian officials on Friday, eight days before one of the agreements was set to expire, regarding the Black Sea agreement on exporting grain and fertilizers. The mid-afternoon discussions were held behind closed doors at the UN Palais des Nations headquarters in Geneva.

UN trade and development agency chief Rebeca Grynspan, UN humanitarian chief Martin Griffiths, and a delegation from Russia led by Deputy Foreign Minister Sergey Vershinin discussed "steps taken to facilitate payments, shipping insurance, and access to EU ports for grains and fertilizer" during their meeting.

The UN-brokered deal, signed by Turkey, Russia, and Ukraine on July 22, is set to expire on November 19. It established a humanitarian maritime corridor for ships transporting food and fertilizer from the Ukrainian Black Sea ports.

"Without this, we simply cannot move forward. We have been discussing this issue before; we talked about it very substantively and at length yesterday," Vershinin added.

According to the deputy foreign minister, the UN representatives assured the Russian delegation that they see the issue at hand as vital, noting that his country will seek to reconnect Rosselkhozbank to SWIFT.

Meanwhile, Russia is considering establishing correspondent accounts in Citibank and JPMorgan as a temporary solution to the ongoing issue, the diplomat added, highlighting how the only real solution was for the West to completely reconnect the Russian Agricultural Bank to SWIFT.

Related News

'Turkey has won': Erdogan hails PKK disarmament

Iraq welcomes PKK’s disarmament as step toward regional stability

Russian Deputy Foreign Minister Alexander Pankin revealed late last month that the Bank of Russia was actively developing the Financial Message Transmission System.

Russia believes that a gradual shift from the SWIFT interbank payment system to more secure channels for sending financial information protected from external pressure is necessary, according to Russia's Deputy Foreign Minister Alexander Pankin in an interview for TASS.

Read next: Iran, Russia to create joint interbank payment system: Diplomat

Russia in talks to use Mir card

The barring of all Russian clients by the main international payment networks is illogical, according to Pankin.

To this end, Russia is discussing the use of the Mir payment card with several states, such as Azerbaijan, China, and Egypt, Pankin said in the interview.

Read next: Iran to join Mir banking system within months: Iran Finance Ministry

"The unreasonable blocking of all Russian customers by the largest international card payment systems has increased the priority of expanding the geography of using Mir cards. We are actively working on it," he said.

"Negotiations with Azerbaijan, Bahrain, Egypt, India, China, Cuba, Myanmar, Nigeria, Thailand, and other countries are at different stages," the top Russian diplomat said.

He recalled that the Russian payment system is now available in Abkhazia, Armenia, Belarus, Vietnam, Kazakhstan, Kyrgyzstan, Tajikistan, Turkey, Uzbekistan, South Korea, and South Ossetia.

Read next: Why cutting Russia from SWIFT is bad for the west

  • Turkey
  • Russia
  • United Nations
  • Grain deal
  • Ukraine
Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

Most Read

Hezbollah SG reveals war details on Al Mayadeen for the first time

Hezbollah SG reveals war details on Al Mayadeen for the first time

  • Politics
  • 8 Jul 2025
Major ambush in Gaza kills 6 Israeli troops, injures dozens

Major ambush in Gaza kills 5 Israeli troops, injures 14

  • Politics
  • 8 Jul 2025
Israeli soldiers are seen in Beit Hanoun ahead of an operation by the al-Qassam Brigades, undated (Al-Qassam Brigades Military Media)

'Israel' on blast as media exposes report discrepancies in Gaza ambush

  • Palestine
  • 8 Jul 2025
Yemen Navy sinks ETERNITY C ship, shares footage of operation

Yemen Navy sinks ETERNITY C ship, shares footage of operation

  • Politics
  • 9 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
The Freedom Flotilla ship Handala as it departs for Gaza, where it aims to break the maritime blockade at a port in Syracuse, Sicily in southern Italy on July 13, 2025. (AFP)
Palestine

Freedom Flotilla's Handala departs Sicily in bid to break Gaza siege

The container ship CMA CGM Laperouse, left, docks at the Georgia Ports Authority's Port of Savannah, Sept. 29, 2021, in Savannah, Ga (AP)
Politics

US shipbuilding woes deepen as tariffs, outdated policies backfire

Gaza war raises ethical questions for ex-Obama, Biden officials
Politics

Mercenary firm tied to Gaza war crimes hires Obama-Biden PR operatives

'Israel' targets children in Gaza collecting water
Palestine

'Israel' strikes Gaza kids fetching water, blames it on 'malfunction'

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS