Rosselkhozbank (RSHB) filed a lawsuit against the American JPMorgan Chase Bank in the Moscow Arbitration Court, as follows from court materials. The lawsuit was filed on November 20 and has not yet been accepted for proceedings. The third party in the case is the Russian subsidiary of the American bank, J. P. Morgan Bank International.”
The essence of the claim and the amount of demands are not disclosed. Frank Media sent a request to the RSHB.
RSHB was disconnected from the SWIFT system as part of the sixth package of EU sanctions. At the same time, neither the EU nor the US Treasury imposed blocking sanctions on the bank. In the case of the Russian Agricultural Bank, restrictions apply to transactions of individuals and legal entities with debt obligations and equity capital.
Reconnection RSHB to SWIFT was one of Russia’s conditions for the continuation of the “grain deal”. The Russian side also proposed restoring correspondent relations between the Russian Agricultural Bank and foreign credit institutions.
Foreign regulators did not agree to reconnect RSHB to SWIFT. Ministry of Finance At the beginning of 2023, the United States gave JPMorgan permission to process payments for Rosselkhozbank as part of the “grain deal,” Reuters wrote, citing sources. The agency’s interlocutors called this a “temporary agreement” and did not consider it a complete replacement for the SWIFT system. OFAC asked for “limited and carefully controlled” transactions and only as part of an agricultural export transaction.
At the same time, Washington asked JPMorgan not to terminate correspondent relations with the Russian Agricultural Bank, but to be patient and wait until Russia gives a sign that it will continue to participate in the “grain deal.” “It was JPMorgan’s decision, and in fact we made it clear to the Russians that if they could show signs of returning to the deal, it would be much easier to keep this payment system alive,” said James O’, head of the State Department’s Sanctions Coordination Bureau. Brian. According to him, the American bank made this decision based on business and reputational factors.