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Ukraine’s Foreign Minister to Visit China for Talks on Ending Russia’s War in Ukraine

Kyiv, July 23, 2024 — Ukrainian Foreign Minister Dmytro Kuleba is set to visit China at the invitation of Beijing for crucial talks aimed at addressing the ongoing conflict in Ukraine. The visit, which comes nearly 29 months after Russia’s full-scale invasion, underscores the urgency of finding a resolution to the war.
During his trip from July 23 to 25, Minister Kuleba will engage in bilateral discussions with Chinese Foreign Minister Wang Yi. The primary focus of these talks will be twofold: first, exploring ways to halt Russia’s aggression, and second, assessing China’s potential role in achieving a stable and just peace in the region.
The Ukrainian foreign ministry issued a statement emphasizing the importance of finding solutions to end the conflict. “We are committed to seeking avenues for peace,” the statement read. “China’s involvement could play a significant role in achieving this goal.”
China’s statement regarding the visit was more succinct, mentioning that Minister Kuleba’s stay would extend from July 23 to 26. This unusual diplomatic engagement raises eyebrows, given China’s historically close ties with Russia. In 2022, Beijing declared a “no limits” partnership with the Kremlin just days before Russia’s invasion of Ukraine, making this visit a notable departure from the norm.
As the world watches, the outcome of these talks could have far-reaching implications for regional stability and international relations. All eyes are on Kyiv and Beijing as they seek common ground in pursuit of peace.
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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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