US agrees Black Sea safe navigation with Ukraine, Russia

By Michael Jones

March 26 - (The Insurer) - The U.S. said on Tuesday that it had reached separate agreements with Ukraine and Russia to ensure safe navigation in the Black Sea as well as a ban on strikes against energy facilities in the two countries.

The agreements come after the U.S. held talks with Russia on Monday and Ukraine on Tuesday regarding a narrow proposal for a ceasefire at sea between Kyiv and Moscow.

Earlier on Tuesday, the Lloyd’s Market Association’s head of marine and aviation Neil Roberts told this publication that marine war risk underwriters would continue to require notification of entry to the Black Sea area while the overall conflict remains unsettled.

“A ceasefire (if agreed) would not make any immediate change to that requirement, but underwriters would be able to consider any change in the risks around each voyage,” Roberts said.

The agreements are the first from both parties to halt military activities in the Black Sea since the initial grain initiative broke down in 2023.

The Turkey and U.N.-mediated deal was struck in July 2022 and allowed for the safe export of nearly 33 million metric tons of Ukrainian grain across the Black Sea.

The White House said on Tuesday that Washington would help restore Russia’s access to the world market for agricultural and fertiliser exports and would continue facilitating talks on both sides in a bid toward a sustainable peace.

Shortly after the U.S. announcements, the Kremlin said the Black Sea agreements would not come into effect unless links between some Russian banks and the international financial system were restored.

Ukrainian President Volodymyr Zelenskiy said his understanding was the truce agreements did not require sanctions relief to come into force and would take place immediately.