JPMorgan Chase & Co could process another 40 Russian grain export payments, two sources told Reuters. Last week, it was reported JPMorgan had processed the first payment for the Russian Agricultural Bank (Rosselkhozbank), which was cut off from the SWIFT payment system.
According to a document seen by Reuters that lists the United Nations’ efforts, it is now working with the Rosselkhozbank to prepare about 40 additional payments to be processed by JPMorgan. The document also said the UN was discussing Russian fertilizer exports with the bank.
The UN is trying to save a deal allowing Ukrainian grain shipments from its Black Sea ports that Moscow has threatened to not extend beyond May 18 if there aren’t concessions for its exports.