Russia and the United States have agreed to ensure the implementation of the Black Sea initiative. The text of the statement, released after expert consultations in Riyadh on March 25, has been published on the Kremlin's website.
"In accordance with the agreement between the presidents of Russia and the United States, both sides have committed to implementing the Black Sea initiative. This initiative includes guaranteeing safe navigation in the Black Sea, refraining from the use of force, and prohibiting the use of commercial vessels for military purposes, while establishing appropriate control measures through inspections of such vessels," the statement reads.
It was also reported that the U.S will help restore Russia’s access to the world market for agricultural and fertilizer exports, lower maritime insurance costs, and enhance access to ports and payment systems for such transactions.
The deal on maritime safety would come into force after a series of conditions were met - including the lifting of restrictions and sanctions on a major agricultural bank, exporters of food and fertilizer and on Russian vessels.
- Those include the lifting of restrictions on state agricultural bank Rosselkhozbank "and other financial organizations involved in ensuring international trade in food (including fish products) and fertilizers, their connection to SWIFT, and the opening of necessary correspondent accounts".
- The conditions include the removal of curbs on trade finance operations and of sanctions on companies producing and exporting food (including fish products) and fertilizers, as well as lifting on the work of insurance companies with shipments of food (including fish products) and fertilizers.
- Other conditions include the lifting of restrictions on the maintenance of ships in ports and sanctions against Russian-flagged vessels involved in food and fertilizer trade.
- Restrictions would also be removed on the supply of agricultural machinery to Russia, as well as on other goods involved in the production of food (including fish products) and fertilizers.
