Senate Democrats demand explanations from the US Treasury on the possibility of Russia returning to SWIFT

The senior Democrat on the Senate Finance Committee is demanding that US Treasury Secretary Scott Bessent commit to maintaining sanctions against Russia related to Ukraine and clarify comments about Russia rejoining the international bank payment network, UNN reports with reference to Reuters.

DetailsIn a letter to Bessent, Senator Ron Wyden also sought answers to questions about how a critical minerals deal and a US-Ukraine investment agreement would help improve Ukraine’s post-war security and not benefit any organization or country that aided Russia’s military efforts.

Wyden cited Bessent’s comments during his confirmation hearing that he was ready to strengthen sanctions, including against major oil companies, if Trump asked him to help end the war in Ukraine, which Bessent called “one of the greatest tragedies of my adult life.”

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“I ask you to affirm your commitment to strictly enforcing these sanctions and to answer questions about how you envision other steps taken by this administration, including agreements with Ukraine, that can potentially work in conjunction with these sanctions,” Wyden wrote.

The Oregon Democrat, who opposed most of Trump’s trade and tax programs promoted by Bessent, asked the Treasury chief to clarify comments in which he did not rule out Russia’s return to the international SWIFT banking network. Russia was excluded from the payment messaging system after invading Ukraine in 2022.

“Will the Treasury allow Russian banks to rejoin SWIFT without a comprehensive peace agreement with Ukraine that fully addresses Russia’s unprovoked invasion of Ukraine?” Wyden asked Bessent.

The Democrat also asked if Bessent would continue the US Treasury’s enforcement of G7 leaders’ commitments to limit Russia’s use of the international financial system to support the war against Ukraine.

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