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Creating bank subsidiary for SWIFT connection a no go – Russian Foreign Ministry

The official representative of the department, Maria Zakharova, noted that at the same time, such practical aspects as the fact that it takes many months to open a bank branch, the establishment of SWIFT takes another three months, and the shutdown occurs in "a matter of minutes"

MOSCOW, July 4. /TASS/. The European Union’s idea of creating a subsidiary of the Russian Agricultural Bank to connect it to SWIFT is a no go from the start, official spokeswoman of the Russian Foreign Ministry Maria Zakharova said in a comment.

"We have noticed that some news agencies are circulating a report by the Financial Times that stated Brussels is allegedly exploring the option of making a SWIFT connection via a certain specifically created branch of the Russian Agricultural Bank," Zakharova said. "This involves a deliberately impractical scheme has been put forward to create a certain subsidiary of the Russian Agricultural Bank, which the EU may someday agree to connect to SWIFT," the diplomat said.

At the same time, what is neglected is the fact that many months are needed to open a bank branch, and an additional three months will be needed to establish the SWIFT connection, while disconnection "takes a few minutes," she noted. "In exchange for all this Russia must now agree to further extending the Black Sea Initiative," Zakharova added.

There is still no progress as regards the implementation of the Russia-UN mechanism pertaining to exports of Russian agricultural produce, the diplomat noted. "Russian food and fertilizer supplies to global markets are still blocked as a result of numerous unlawful unilateral sanctions introduced against our country by the US, the EU and the UK," Zakharova stressed. The scheme of creating the subsidiary of the Russian Agricultural Bank can only be labeled as another "generous" offer in the spirit of the UN Secretary General’s initiative to relaunch the Togliatti-Odessa ammonia pipeline blown up on the territory controlled by Kiev on June 5, she added.

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