On March 25, the Russian Kremlin issued a statement detailing the outcomes of the US-Russia expert group talks held in Saudi Arabia. According to the statement, both parties reached a series of important agreements under the "Black Sea Initiative" aimed at ensuring navigation safety in the Black Sea and promoting international trade in food and fertilizers. The execution of the agreement is linked to the lifting of a series of sanctions.
Firstly, both parties agreed to ensure the safety of navigation in the Black Sea, committing not to use force, prohibiting the use of commercial vessels for military purposes, and taking necessary measures to manage ship inspections. This move aims to reduce the risk of conflict in the region and ensure smooth maritime channels.
Secondly, the US side agreed to facilitate the resumption of Russian exports of agricultural products and fertilizers to the international market, reduce maritime insurance costs, and expand the range of ports and payment systems involved in transactions. However, the effectiveness of the agreement depends on the lifting of a series of sanctions, including removing sanctions on the Russian Agricultural Bank and related financial organizations, and restoring their connection to the SWIFT system. Additionally, food and fertilizer producers and exporters will be exempt from sanction restrictions, and port service limitations on Russian vessels will be removed.
Moreover, both parties also agreed to develop specific measures for implementing an agreement prohibiting attacks on Russian and Ukrainian energy facilities for 30 days starting from March 18, 2025. This agreement can be extended, and if either party breaches it, the other party can choose to withdraw.
The US and Russia also stated that third-party countries could offer goodwill assistance in implementing agreements in the energy and maritime sectors and continue to commit themselves to promoting stable and lasting peace. The results of these talks mark a further deepening of cooperation between the two countries in multiple fields, taking important steps towards coordinated cooperation, especially in the areas of energy security and international trade.
