Negotiations continue on the resumption of Rossiya Bank of Agricultural Development's access to the global financial messaging system, SWIFT. The option of using the bank's European "subsidiary" does not make sense, stated Kirill Levin, the First Deputy Chairman of RKHB, at a press conference. The information is provided by the Interfax agency.
In early September, Reuters reported, citing a UN letter, that RSHB Capital S.A., a subsidiary of RKHB in Luxembourg, would be able to apply for membership and gain access to SWIFT for transactions involving food and fertilizers.
"Connecting the European 'subsidiary' of the bank to SWIFT does not help in the settlements for Russian agricultural products and fertilizers. Our partners from the UN see this clearly; this option is not promising and makes no sense. Reconnecting RKHB to SWIFT is still under negotiation," Levin said in his statement on November 15.
Suggestions to connect the subsidiary of RKHB to SWIFT for the resumption of the "grain deal" are unrealistic, stated Russia's Foreign Minister, Sergey Lavrov, in July. Russia will be ready to implement this agreement only if all obstacles to the export of Russian grain products and fertilizers are removed.
Unlike other major state banks, the Rossiya Bank of Agricultural Development is not under sanctions from the US and the EU, but it was disconnected from the international payment system, SWIFT. Reconnecting to SWIFT was one of the requirements from Russia in the framework of the "grain" deal between Russia, Ukraine, the UN, and Turkey.
The bank is entirely state-owned, with 100% of the bank's shares belonging to Rosimushchestvo.