"We are asking the US government to grant licenses to certain banks in Russia"

Companies from the United States may not use the SWIFT system to carry out transactions with Russia, Robert Agee, head of the American Chamber of Commerce in the Russian Federation (AmCham), told Izvestia. He noted that AmCham is in dialogue with the US government about issuing licenses to some banks operating in Russia to conduct transactions in dollars. The Chamber of Commerce is interested in resuming payments from Russia via SWIFT, but this requires a dialogue with Europe, which is not yet underway, said the head of AmCham. About the implementation of transactions and the conditions for the return of American companies to Russia — in an exclusive interview with Robert Agee "Izvestia".

"There are other payment mechanisms besides the SWIFT system"

— Is the American Chamber of Commerce interested in facilitating the resumption of SWIFT payments with Russia?

— Yes, of course, we are interested.

— Is there an official dialogue on this issue?

— Unfortunately, SWIFT is not only an American platform. This is a European platform, and therefore it is not under our control, but we would certainly support a dialogue on this issue. We are also asking the U.S. government to license certain banks that operate in Russia so that we can "redollarize" trade. Right now, trading has shifted to other currencies other than the dollar, and we would like to be able to use more banks operating in Russia to trade in dollars.

— So the American Chamber of Commerce has not approached the US authorities with the idea of resuming SWIFT payments with Russia?

— SWIFT is a multi—country initiative. We cannot do this unilaterally. The Europeans should be with us on this issue. So far, we haven't even started doing anything, because the situation in Europe is a little different from the situation in the United States.

— However, is there a dialogue between AmCham and the EU regarding SWIFT?

"He's not here yet. A dialogue is underway with the United States regarding the approval of licenses for some Russian banks to use dollars to transfer them back to the United States. The SWIFT issue is a much more complex issue that affects the European Union, and it's a completely different story.

— If nothing happens with the resumption of SWIFT payments, will the issue of finding alternative transactions with Russia be discussed?

— This is an opportunity that we will need to consider. There are other payment methods and mechanisms besides SWIFT, it is not necessary to use only this system. So, yes, I think companies are very innovative now in how they can make payments abroad. When the flow of finance through one channel is blocked, it does not stop at all, it is redirected.

"For American companies to return, they need a clear policy on the repatriation of dividends"

— After the SVR, some companies from the United States left Russia, including, in particular, IT structures, as well as large energy concerns. At the same time, more than half of the American organizations that did business with Russia continue to work in the country or with its companies after February 2022. Are you discussing with the Russian side the conditions for the return of American business and are there any specific conditions?

— We discussed a number of areas where we would like to improve relations. We have talked to all the key ministries in the Russian government. A working group has also been formed in which foreign business associations are working together to identify key issues for the Russian government that we want to resolve.

— Are the conditions for American companies included there?

— I think, regardless of whether we are talking about American or European companies, the conditions are very similar. Now there are some generalized problems that affect all enterprises, whether Russian or American. The problems we face are actually not so much related to the policy of the Russian government as such. This is mainly related to other issues such as payments. I believe that the problem of dividends is very serious. Now we need to figure out how to pay dividends, as this is problematic. In order for American companies to return, they need a clear policy on the repatriation of dividends.