On Wednesday, US Treasury Secretary Scott Bessent mentioned that as negotiations to end the war in Ukraine continue, the possibility of allowing Russian banks to rejoin the SWIFT international payment system is not ruled out, but discussions regarding the terms of such a transaction are still premature.
Bessent, in an interview with Fox News anchor Martha MacCallum, stated that “there will be lengthy discussions on various aspects of how to appropriately reintegrate Russia into the international system. However, I believe it is too early to discuss the terms of the deal before an agreement is reached.”
Russia is seeking to have one of its major banks, Rosselkhozbank, reconnected to the SWIFT (Society for Worldwide Interbank Financial Telecommunication) system as a condition for implementing a ceasefire in the Black Sea.
On February 24, 2022, two days after Russia invaded Ukraine, the US administration issued a joint statement with the EU on imposing sanctions on Russia through SWIFT, leading to the removal of selected Russian banks from the system.
Bessent highlighted in the interview that “all options are on the table” in the negotiations. He explained that one of the crucial roles of the US Treasury Department in safeguarding national security is achieving objectives through financial means. These means include financial operations, implementing sanctions, and specific sanctions targeted at individuals, banks, or entire countries.
The EU responded to the Kremlin’s ceasefire request by stating that the “unconditional withdrawal” of Russian forces from Ukrainian territory is a key prerequisite for amending or lifting sanctions.
A spokesperson for the EU Commission stated, “Ending Russia’s baseless and unjustified aggression against Ukraine and unconditionally withdrawing all military forces from Ukrainian territories will be a crucial condition for amending or lifting sanctions.”
Another Commission spokesperson mentioned on Thursday, “We often hear Russia claiming our sanctions have no impact on its economy, so why are they so eager for us to withdraw them?”
French President Macron explicitly ruled out any reduction in sanctions after the meeting in Paris, stating, “We unanimously agree that now is not the time to lift sanctions, there will be no easing until peace is established.”
German Chancellor Olaf Scholz emphasized that taking such a step before the end of the war would be “meaningless.”
Ukrainian President Zelensky urged Western allies to disregard Putin’s demands and further tighten economic pressures on Russia. He stated, “No sanctions should be lifted before Russia stops the war; I believe more pressure and more sanction options are needed.”
(This article references reports from “Politico” and European news channels.)