Kremlin insists on lifting sanctions against key Russian banks before halting Black Sea strikes
Russia has stated that it will not initiate a maritime ceasefire with Ukraine until certain Western sanctions are lifted, following the announcement of a potential deal to halt Black Sea strikes.
While the US revealed that both countries had reached separate agreements to cease hostilities in the region, the Kremlin declared that the ceasefire would only commence once sanctions against several Russian banks, including Rosselkhozbank, are lifted, and the bank is reinstated in the Swift international payment system.
This demand comes after overnight drone strikes on the Ukrainian port city of Mykolaiv, which President Volodymyr Zelensky condemned as a “clear signal” of Russia’s reluctance to pursue peace. The drone attacks followed the US’s announcement, signalling continuing hostilities despite the ceasefire agreement.
Since Russia’s invasion of Ukraine, the EU and its allies suspended several Russian banks from the Swift system, disrupting crucial financial transactions for Russia’s energy and agricultural sectors. Lifting these sanctions would require EU approval, a decision that remains uncertain, especially considering Europe’s ongoing support for Ukraine.
A spokesperson for the European Commission stated that the full withdrawal of Russian forces from Ukraine would be a key condition for reconsidering the sanctions. Meanwhile, US President Donald Trump suggested that Russia might be stalling an end to the conflict, which he described as a tactic he had previously used in negotiations.
The ceasefire was brokered after several days of peace talks in Saudi Arabia, although conflicting statements from Ukraine and Russia about the details of the agreement have raised doubts about its implementation. While Zelensky maintains that the ceasefire could be enacted without the lifting of sanctions, he accused the Kremlin of manipulating the terms of the deal.
In the wake of the ceasefire announcement, the US reiterated its commitment to a “durable and lasting peace” and emphasised the agreement’s potential to reopen critical trade routes. Both sides also pledged to continue developing measures to prevent attacks on each other’s energy infrastructure.
The Black Sea, a key shipping route for Ukrainian exports, has become a flashpoint since Russia’s withdrawal from the Black Sea Grain Initiative in 2023. Following that exit, Russia declared that any vessel heading for Ukraine would be treated as a military target, resulting in a sharp decline in Ukrainian grain exports.
