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Russia has said it needs to lift some Western sanctions before starting a naval ceasefire with Ukraine. Within a few hours of the US saying that Russia and Ukraine had agreed to a black border ceasefire, Russia had to lift sanctions on its country's banks.
Russia has put forward demands including the lifting of sanctions on state-owned agricultural bank Roselkhoz and the restoration of firms' access to the SWIFT international payment system. Ukrainian officials said that Russia launched a drone attack on the port city of Mykolaiv overnight. President Volodymyr Zelensky has said that these attacks are a "clear signal" that Russia does not want peace.
After Russia launched an attack on Ukraine, the European Union and its allies suspended the access of Russian financial institutions to SWIFT. The Society for Worldwide Interbank Financial Telecommunication (SWIFT) allows easy and fast transfer of money across borders.
Payments for valuable energy and agricultural exports have been disrupted after Russian companies lost access to the usual smooth and instant transactions provided by SWIFT. The approval of the European Union will be required to reverse this decision. But as European countries have recently come out in support of Kiev, this does not seem possible immediately.
