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Russian Agricultural Bank denies creation of subsidiary for SWIFT connection

The bank is making payment in dollars now via JPMorgan using a dedicated channel, First Deputy CEO says

ST. PETERSBURG, July 6. /TASS/. The Russian Agricultural Bank is not considering an option of establishing a subsidiary to have a SWIFT connection within the grain deal framework, First Deputy CEO of the bank Kirill Levin told TASS on Thursday through the bank’s press service.

"We do not consider the option of creating a Bank’s subsidiary for the connection to SWIFT within the grain deal framework as a matter of principle," Levin said. "We have never suggested the option of opening the subsidiary on the territory of the unfriendly jurisdiction, although the text of sanctions contains a mentioning that SWIFT can be used by subsidiaries of banks overseas and by subsidiaries with the financial participation of Russia being less than 50%," he noted.

The bank is making payment in dollars now via JPMorgan using a dedicated channel, Levin said. "Time will tell how the situation will evolve in the future," the executive added.

The EU earlier adopted a package of sanctions against Russia, including disconnection of several Russian banks from SWIFT, including the Russian Agricultural Bank.