As a condition for the restoration of the Black Sea initiative, Russia demanded that Rosselkhozbank return to Swift, which is under the EU jurisdiction.
The Secretary of State of the United States, Marco Rubio, has spent the last weeks to tell the Europeans, upset about their exclusion from the current negotiations to end the Russian war in Ukraine, who would be invited to sit at the table when he has time to discuss the future of sanctions.
This invitation can arrive earlier than Brussels expected.
After a new round of conversations in Saudi Arabia, the United States announced that Russia and Ukraine They had committed Implement a high partial fire in “energy facilities”, well below that Donald Trump had defended.
The parties also agreed to “guarantee safe navigation, eliminate the use of force and avoid the use of commercial ships for military purposes in the Black Sea,” according to the US reading.
Other pressures published by the White House listed the main points of the agreement in general terms, without any footnote or technical details.
But Moscow was soon emphasizing his list of requirements.
In your account readingKremlin added five paragraphs of conditions that will be met before restoring the “Black Sea initiative.” The conditions require the “sanctions” and “restrictions” survey that, according to Russia, limit their exports of food and fertilizers worldwide, even with respect to agricultural machinery and cargo insurance.
The most notable requirement is that the Russian agricultural bank, also known as Rosselkhozbank, and the “other financial organizations” involved in agricultural trade are re -connected to Swift, a high security system for rapid money transfers.
Founded in 1973, or swift It is currently considered the most used system of its kind, which links more than 11,000 institutions in more than 200 countries. Every day around 50 million financial messages are sent through the software.
This is where the EU comes into action: Swift is a cooperative based on the Hulpe, Belgium, and therefore is subject to EU legislation and, above all, to EU sanctions.
A war cry
Until February 24, 2022, Swift remained largely in the dark, except professionals in the financial sector. But after the Russian tanks entered Ukraine, the name was, during the night, led by international prominence.
kyiv’s government quickly began asking Russian banks to be expelled from Swift, or De-Swift-EdTo reduce Moscow’s ability to finance your war machine. The acronym dispersed in bands and protest posters, pressing politicians to act.
The EU responded on March 2, 2022, when it decided to expel seven Russian fast banks. The measure appeared in international headlines and was held as a taboo break.
Months later, in June, the EU agreed to withdraw from Swift three more banks: Sberbank (the largest bank in Russia), Credit Bank of Moscow and Rosselkhozbank.
“These banks are fundamental to the Russian financial system and Putin’s ability to continue doing war. This decision will solidify the isolation of the Russian financial sector of the world system,” said the European Commission, explaining, explaining, explaining, explaining The decision.
ADVERTISINGRosselkhozbank is a state bank that offers a wide range of services and financial products to agricultural companies, which constitute an essential source of income from Moscow through world sales of base products such as wheat, barley and corn.
Although the EU never sanctioned the agricultural exports of Russia, first opting for High ratesThe sanctions imposed on Rosselkhozbank created obstacles to the payments of exporters and importers and caused the anger of Kremlin, which led to the collapse of the Black Sea initiative, initially promoted by Türkiye and the United Nations.
This explains why Vladimir Putin, confident that Trump’s ear took the opportunity to ask Rosselhozbank once again to connect to Swift again.
Reading the White House did not echo this condition, at least not explicitly. It was only said that the United States would help Russia restore their “access to the world market for agricultural exports and fertilizers, reduce maritime insurance costs and improve access to ports and payment systems for these transactions.”
ADVERTISINGThe last part, “payment systems for these transactions,” could refer to Swift.
The United States Department of State refused to comment on the text.
Speaking to journalists, Trump said his team “would analyze” the conditions presented by Kremlin. “We are thinking of all of them at this time. There are about five or six conditions. We are analyzing them all,” he said.
A difficult choice
Putin’s demands put EU in a difficult situation.
ADVERTISINGIf the block rejects the appeal, it runs the risk of enraging Trump, who is interested in guaranteeing a high fire, even partial, to advance its diplomatic action. If, on the other hand, the block approves the appeal and grants relief of sanctions, runs the risk of mild and receptive, an attitude that Moscow could easily explore to press for more concessions.
The relief of sanctions would also be contrary to the position of President Volodymyr Zelenskyy, who insists on maintaining difficult restrictions while the war lasts.
President Zelenskyy insists on maintaining difficult restrictions while the war lasts: “It is necessary that the world exerts clear pressure and a strong action on Russia, more pressure, more sanctions from the United States, to end Russian attacks.”
The European Commission did not immediately respond to a request for comments.
ADVERTISINGDuring a visit to kyiv, to commemorate the third anniversary of the war, President Ursula von der Leyen said that the block would only begin to reverse the sanctions after seeing Moscow “concrete steps” to a lasting resolution.
“What we see is that sanctions already have a massive effect on the Russian economy,” he said, citing “inflation shooting” and “spiral interest rates.”
The appetite for a relief of sanctions is low among diplomats, which points to the continuous attacks of Russia against Ukraine as proof that Putin is not serious about peace. The sanction regime has been carefully built in a record of 16 packages. Undo such a complex structure with the touch of a pen is not seen with lightness in Brussels.
Before a summit in Paris, Elisha Palace said that the problem around the sanctions was not “certainly” about its survey, but on its reinforcement, if Russia did not agree with the high the unconditional fire that Ukraine has accepted in his conversations with the United States.
ADVERTISING“Of course, Russians can always associate partial progress in the direction of a high fire with the survey of certain sanctions,” said Elisha Palace. “But for us, until Russia has not stopped war, because a peace agreement was not reached, no guarantees were given to Ukraine and war compensation has not been paid, the sanctions will always be a necessary instrument to exert pressure on Russia.”
The question is now on the table and can be difficult to ignore.
According to the EU rules, the sanctions must be renewed every six months unanimously, which means that a single Member State can derail the delicate process. From the inauguration of Trump, Hungary, a critic of sanctions for a long time, has threatened twice EXTENSION And you can do it again when sectoral restrictions are discussed on July 31.
“The latest EU sanctions against individuals remained because (Marco) Rubio pressed Hungary to keep the measures in force. If there is no such pressure, the EU sanctioning regime has great danger,” said Maria Shagina, a senior member of the International Institute for Strategic Studies (IISS).
ADVERTISINGAlthough EU approval is required so that Rosselkhozbank is part of Swift, the United States can choose, alternatively, sending a “signal” that people who make transactions with the bank will be saved from legal consequences, Shogina explained.
Jan Dunin-Wasowicz, a partner of Bennink Dunin-Wasowicz, who advises on economic sanctions, said Russia’s request to Swift seems to have been designed to test Washington and Brussels at the same time.
“If this specific request was made to the EU, it is precisely the question. It does not seem to be part of this discussion, for now,” said Dunin-Wasowicz to Euronews.
“The application to the Trump administration can be an attempt to take advantage of the United States to press the EU to flex their measures. Ultimately, it may be testing EU determination to maintain the course and continue its sanctions policy.”
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