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Saudi Arabia Concludes Participation in 2024 High-Level Political Forum for Sustainable Development

New York, July 18, 2024 — Saudi Arabia successfully concluded its participation in the 2024 High-Level Political Forum for Sustainable Development, held in New York. The forum brought together representatives from various countries to review global efforts and progress toward achieving the sustainable development goals outlined in the 2030 Agenda.
Led by Minister of Economy and Planning Faisal Al-Ibrahim, Saudi Arabia’s delegation actively engaged in discussions during the forum. In his address, Al-Ibrahim emphasized the importance of clear policies that focus on practical solutions. He highlighted the need for effective policies that maximize impact and benefit the largest number of people in the shortest possible time.
Al-Ibrahim underscored Saudi Arabia’s commitment to sustainable progress, emphasizing an approach that encompasses all aspects of the economy and prioritizes the well-being of its citizens. He stated, “We recognize that sustainable development hinges on identifying and leveraging opportunities to enhance the general standard of living and improve quality of life.”
The Quality of Life Program, a key initiative in Saudi Arabia, actively participated in the event. The program showcased the Kingdom’s progress in achieving sustainable development goals, with a particular focus on sustainable city projects. Accompanying the forum were discussion sessions and workshops organized by the program.
Additionally, the Ministry of Environment, Water, and Agriculture hosted a pavilion on the sidelines of the forum. The pavilion highlighted the Green Saudi Initiative and the Green Middle East Initiative, both aimed at promoting environmental sustainability. Furthermore, Saudi Arabia’s preparations to host the 16th session of the Conference of the Parties (COP 16) to combat desertification in Riyadh later this year were reviewed.
Saudi Arabia has been actively participating in the high-level political forum since 2017, demonstrating its commitment to global sustainable development efforts. The annual forum operates under the auspices of the United Nations Economic and Social Council.
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Russia Demands SWIFT Reconnection as Condition to Revive Black Sea Initiative
Russia has set forth a key demand for the restoration of the Black Sea Initiative—reconnecting its Agricultural Bank, Rosselkhozbank, to the SWIFT financial system. This request, which falls under the jurisdiction of the European Union (EU), comes amid ongoing negotiations between global powers on the war in Ukraine.
Partial Ceasefire and Black Sea Security Agreement
Following recent talks in Saudi Arabia, the United States announced that Russia and Ukraine had agreed to a partial ceasefire specifically covering energy facilities. While this fell short of the broader ceasefire pushed by former President Donald Trump, the parties also agreed on measures to ensure the safe navigation of commercial vessels in the Black Sea and to prevent their use for military purposes.
However, the Kremlin quickly detailed additional conditions, demanding the lifting of sanctions on food exports, fertilizers, agricultural machinery, and cargo insurance. Most notably, Russia is insisting that Rosselkhozbank and other financial institutions involved in agricultural trade be reinstated on SWIFT, a global messaging system that facilitates secure financial transactions.
EU’s Role and Sanctions History
SWIFT, headquartered in Belgium, falls under EU regulations. In response to Russia’s invasion of Ukraine, the EU removed several Russian banks from SWIFT in 2022, including Sberbank, Credit Bank of Moscow, and Rosselkhozbank. The exclusion was a significant blow to Russia’s financial system, as it restricted the country’s ability to conduct international transactions.
Rosselkhozbank, a state-owned institution, plays a critical role in facilitating payments for Russia’s agricultural exports, a major revenue source through the global sale of wheat, barley, and corn. While the EU has not directly sanctioned Russian agricultural exports, the banking restrictions have complicated payments for these transactions, leading to the collapse of the initial Black Sea Initiative brokered by Turkey and the United Nations.
Diplomatic Tensions and Uncertain Outcomes
The demand to reinstate Rosselkhozbank puts the EU in a difficult position. Granting this request could signal a willingness to make concessions, potentially encouraging Russia to seek further sanctions relief. However, refusing it could provoke tensions with the Trump administration, which is eager to secure a ceasefire.
President Volodymyr Zelenskyy has consistently opposed easing sanctions, arguing that they must remain in place until Russia ends its military aggression. European Commission President Ursula von der Leyen echoed this stance, stating that sanctions would only be lifted after Russia takes concrete steps toward peace.
As EU sanctions require unanimous renewal every six months, any member state could disrupt the process. Hungary, which has previously expressed opposition to sanctions, could leverage this situation to push for changes when restrictions are up for review on July 31.
Future of SWIFT and Global Financial Pressures
While the EU holds the power to reinstate Rosselkhozbank’s SWIFT access, the U.S. could signal leniency by ensuring that those engaging with the bank avoid legal repercussions. Analysts suggest that Russia’s demand may be a strategic move to test both Washington and Brussels, pressuring the EU to reconsider its stance on financial restrictions.
For now, the EU remains firm in its approach. France has indicated that sanctions should remain unless Russia agrees to a full ceasefire, reparations, and security guarantees for Ukraine. However, with negotiations ongoing and international pressure mounting, the debate over SWIFT and broader sanctions relief is unlikely to fade anytime soon.
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