US looking for ‘proper way’ to reconnect Russia to SWIFT – treasury secretary

UNITED STATE: US Treasury Secretary Scott Bessent has confirmed that all options remain on the table as Washington considers lifting certain sanctions against Moscow, including the possible reconnection of Russian banks to the Belgium-based SWIFT network.

The US and EU cut off major Russian banks from the SWIFT messaging system as part of a decade-long sanctions campaign, which was significantly expanded following the escalation of the Ukraine conflict in 2022. As part of the Black Sea ceasefire initiative discussed in Saudi Arabia earlier this week, Moscow requested that its Agricultural Bank (Rosselkhozbank) and other institutions involved in food and fertilizer sales be reconnected to the international payment system.

“There would be a long discussion about many things in terms of the proper way to bring Russia back into the international system,” Bessent told Fox News on Wednesday, emphasizing that it was “premature to discuss the terms of a deal before we have a deal.”

“I think everything is on the table,” he added, noting that “it will be determined by the Russian leadership’s next moves whether the sanctions go up or down, and President Trump, I think, would not hesitate to raise the sanctions if it gives him a negotiating advantage.”

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Reconnecting Rosselkhozbank to SWIFT was part of the original Black Sea Grain Initiative, brokered in July 2022 by the UN and Türkiye. A Western failure to deliver on that commitment, along with Kiev’s alleged misuse of the arrangement for military purposes, prompted Moscow to reject the renewal of the agreement in 2023.

The US and Russia agreed to revive the defunct Black Sea deal following 12 hours of talks in Saudi Arabia on Monday. President Donald Trump confirmed on Tuesday that his administration is considering lifting some sanctions on Moscow. “There are about five or six conditions. We’re looking at all of them,” he said.

The Brussels-based SWIFT system is incorporated under Belgian law and must comply with EU regulations and restrictions. European Commission spokeswoman Anitta Hipper stated on Wednesday that the bloc will not amend or lift its sanctions until Russia “unconditionally” withdraws all forces from the “entire territory of Ukraine.”

Russian President Vladimir Putin said last week that Western sanctions are not a temporary measure but a long-term tool used to apply strategic pressure on Moscow, and that Russia’s rivals will always seek out ways to weaken the country.

According to Putin, a total of 28,595 sanctions have been imposed on Russian individuals and entities in recent years – more than the total number imposed on all other countries combined – which have only strengthened the national economy by encouraging self-reliance.