US Treasury Secretary Scott Bessent opened the door to potentially reintegrating Russian banks into the SWIFT international payment system as part of broader peace negotiations to end the Ukraine war, Politico reported.
During a Fox News interview, Bessent stated that “everything is on the table” regarding Russia’s potential return to SWIFT, though he cautioned discussions remain premature without a finalised deal.
There would be a long discussion about many things in terms of the proper way to bring Russia back into the international system. But I think this is premature to discuss the terms of a deal before we have a deal.
Moscow has specifically sought SWIFT access for Rosselkhozbank (Russian Agricultural Bank), a top agricultural lender, as part of proposed Black Sea ceasefire terms. However, the European Commission immediately set a high bar, with spokesperson Anitta Hipper saying that full Russian withdrawal from Ukraine remains a precondition for sanction relief.
The US and EU collectively removed seven major Russian banks from SWIFT in February 2022, including VTB and Bank Otkritie, in response to the outbreak of the Ukraine war. The move paralysed approximately 50% of Russia’s foreign trade transactions initially, though Moscow has since developed alternative systems like SPFS.
Bessent also confirmed the US and Ukraine are finalising a critical minerals agreement expected to be signed next week, which would secure American access to Ukrainian lithium and rare earth deposits. The deal has undergone months of review by Kyiv’s negotiators.
I’m sure that we will move along and get this signed quickly.
