JPMorgan payment route for Russian grain exports ‘no longer working’: US UN envoy

UNITED NATIONS 

A JPMorgan payment route to provide support for Russia’s fertilizer exports is ”no longer working” after Moscow’s withdrawal from the Black Sea grain deal, the US envoy to the UN said Tuesday. 

The US had allowed JPMorgan to facilitate some payments for the Russian Agricultural Bank for agricultural exports.

”The part of the deal, which was to provide some support for Russia’s fertilizer to get to the market — if they are not in the deal, that part of the deal is no longer working,” Linda Thomas Greenfield told reporters.

Russia pulled out of the grain deal July 17 saying parts related to its demands have “not been implemented so far,” referring to the removal of obstacles to its fertilizer exports, including the inclusion of the state-owned Russian Agricultural Bank in the SWIFT international payment system.

“We have seen indications that they might be interested in returning to discussions. So, we will wait to see whether that actually happens,” said Thomas-Greenfield said. “What we have been told is that they are prepared to return to discussions, and we haven’t seen any evidence of that yet.”

“If they want to get their fertilizer out to market … they’re going to have to return to the deal,” she added.

The agreement was signed in Istanbul in July 2022 by Russia, Ukraine, Türkiye, and the UN, creating a safe corridor through the Black Sea for exports from three Ukrainian ports since the war began in February of that year.

It helped rein in spiraling prices and ease a global food crisis by restoring the flow of wheat, sunflower oil, fertilizer and other products from Ukraine — one of the world’s largest grain exporters.

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