US looking for ‘proper way’ to reconnect Russia to SWIFT – treasury secretary

US Treasury Secretary Scott Bessent has confirmed that all options remain on the table as Washington considers lifting certain sanctions against Moscow, including the possible reconnection of Russian banks to the Belgium-based SWIFT network.

The US and EU cut off major Russian banks from the SWIFT messaging system as part of a decade-long sanctions campaign, which was significantly expanded following the escalation of the Ukraine conflict in 2022. As part of the Black Sea ceasefire initiative discussed in Saudi Arabia earlier this week, Moscow requested that its Agricultural Bank (Rosselkhozbank) and other institutions involved in food and fertilizer sales be reconnected to the international payment system.

“There would be a long discussion about many things in terms of the proper way to bring Russia back into the international system,” Bessent told Fox News on Wednesday, emphasizing that it was “premature to discuss the terms of a deal before we have a deal.”

“I think everything is on the table,” he added, noting that “it will be determined by the Russian leadership’s next moves whether the sanctions go up or down, and President Trump, I think, would not hesitate to raise the sanctions if it gives him a negotiating advantage…