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Russia Demands SWIFT Reconnection as Condition to Revive Black Sea Initiative

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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.

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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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Trump Holds Separate Calls With Zelenskyy and Putin Ahead of NATO Summit

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US President Donald Trump held separate telephone conversations with Ukrainian President Volodymyr Zelenskyy and Russian President Vladimir Putin on Saturday, with both discussions focusing on the war in Ukraine and coming just days before NATO leaders gather for a summit in Ankara.

Zelenskyy described his conversation with Trump as “very good,” saying the two leaders discussed developments on the battlefield and prospects for ending the conflict. He also congratulated the United States on the 250th anniversary of its independence during the call.

According to Zelenskyy, the leaders agreed to continue their discussions during the NATO summit, scheduled for July 7-8 in the Turkish capital.

“There is a real prospect” of ending the war, Zelenskyy said, expressing hope that diplomatic efforts could gain momentum in the coming days.

Relations between Trump and Zelenskyy have experienced periods of tension since Trump returned to the White House earlier this year. Their relationship was strained following a heated exchange in the Oval Office in early 2025. More recently, however, Trump has taken a more supportive tone, describing Zelenskyy as “courageous” and praising his leadership during the conflict.

The Kremlin later confirmed that Trump also spoke with Russian President Vladimir Putin in a conversation lasting one hour and 25 minutes.

Yuri Ushakov, a senior aide to Putin, said the Russian leader congratulated Trump on the US national holiday before the discussion turned to Ukraine.

“The presidents naturally touched upon the issue of the Ukrainian settlement,” Ushakov said, adding that the conversation also considered Trump’s participation in the upcoming NATO summit.

According to the Kremlin, Trump reiterated his willingness to help achieve a ceasefire and support efforts aimed at finding a peaceful resolution to the conflict.

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The diplomatic contacts come after a week of intensified fighting. Earlier this week, Russia carried out a large-scale attack on Kyiv that killed at least 30 people and injured dozens. Ukrainian forces later launched strikes targeting oil infrastructure near the Russian city of Saint Petersburg.

The upcoming NATO summit is expected to focus on strengthening the alliance’s defence capabilities, expanding military production and maintaining support for Ukraine.

Last year, NATO members agreed to increase defence spending to 5 percent of gross domestic product by 2035, with 3.5 percent allocated to core military needs and the remaining 1.5 percent directed toward broader security investments.

Trump has repeatedly urged European allies to spend more on their own defence and reduce their dependence on the United States.

US Defense Secretary Pete Hegseth recently said Europe should lead efforts to build what he described as “NATO 3.0,” calling for a stronger military alliance capable of taking primary responsibility for the continent’s conventional defence.

The Ankara summit is expected to provide another opportunity for alliance leaders to discuss security priorities while addressing differences over defence spending and future support for Ukraine.

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Cargo Ship Reports Attack in Red Sea Near Yemen Coast

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A cargo vessel reported coming under attack in the Red Sea on Sunday, prompting a warning from British maritime authorities for ships operating in the region to remain vigilant.

The United Kingdom Maritime Trade Operations (UKMTO), which monitors shipping security in the area, said it received a distress report from a commercial vessel that had allegedly been targeted by unidentified armed assailants near the Yemeni coast.

According to the agency, the incident occurred off the coast of Al-Hudaydah, one of Yemen’s most important port cities located along the Red Sea. Details regarding the nature of the attack, the extent of any damage, or potential casualties were not immediately available.

In a statement, UKMTO confirmed that an investigation into the incident was underway and urged vessels traveling through the region to exercise caution.

“Vessels are advised to transit with caution and report any suspicious activity to UKMTO,” the agency said.

The report has raised fresh concerns about maritime security in one of the world’s busiest shipping corridors. The Red Sea serves as a critical route for international trade, connecting Europe and Asia through the Suez Canal and carrying significant volumes of oil, gas and commercial cargo.

No group had claimed responsibility for the attack as of Sunday, leaving authorities and shipping operators awaiting further information. Maritime security experts noted that identifying those behind such incidents can take time, particularly in a region affected by years of conflict and political instability.

The waters surrounding Yemen have remained a focus of international attention due to previous attacks on commercial shipping. Beginning in late 2023, Yemen’s Houthi movement launched a series of strikes against vessels operating in the Red Sea, citing regional political and military developments. The attacks disrupted global trade routes and forced many shipping companies to divert vessels around southern Africa, adding significant costs and delays to international supply chains.

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Although large-scale attacks have eased in recent months, shipping companies continue to monitor the situation closely. International naval forces remain active in the region, conducting patrols and escort operations aimed at protecting commercial traffic and ensuring freedom of navigation.

The Houthis control large areas of northern and western Yemen, including Al-Hudaydah. The group has been designated a terrorist organization by the United States and has been involved in Yemen’s prolonged conflict for more than a decade.

Sunday’s incident is likely to renew concerns among ship operators and insurers about security risks in the Red Sea, even as maritime traffic has gradually increased following a period of reduced hostilities.

Authorities have not yet released further details about the vessel involved or the response measures being taken. Investigations are continuing as regional and international maritime agencies work to determine the circumstances surrounding the reported attack.

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Rare Declaration of Independence Copy Found in UK Ahead of America’s 250th Anniversary

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The American Declaration of Independence, a rare printed copy of which has been unearthed in the UK’s National Archives, provides a remarkable insight into the early days of the American Revolution just before the document’s 250th anniversary.

Officials at the National Archives say the newly found copy of the historic declaration is one of the rarest remaining copies of the document. The document was one of the rarest versions of the Declaration that we know of said Graham Moore, curator of the Revolution 250 programme.

On July 4, 1776, the Declaration of Independence was passed, declaring Britain’s Thirteen Colonies independent states. Only a few printed copies were made after the adoption of the original signed copy to disseminate the news throughout the colonies, which is housed at the US National Archives in Washington, D.C.

Those first printed copies were made by Philadelphia printer John Dunlap, who is believed to have printed some 200 copies. Only 26 Dunlap broadsides are believed to have survived to today, and each one discovered is a rare find.

The newly discovered copy was saved in British government records seized at sea during the American Revolutionary War. The document was found on the merchant ship Dalton when it was seized by the Royal Navy ship HMS Raisonable off the coast of Portugal, the UK’s National Archives said. The British warship pursued it for seven hours before capturing it and returning it to Britain where the documents eventually ended up in the state archives.

The discovery sheds light on the international aspects of the American Revolution and offers an example of how wartime events influenced the movement of significant historical records, said officials.

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The discovery is “an extraordinary find,” said Saul Nassé, chief executive of the National Archives, and is a reminder that the history of American independence is not uniquely American.

It’s an incredible find. It’s a copy of the Declaration of Independence, one of the few left in the world, not in America, but here in the UK,” Nassé said. The fact that the document is preserved in British state records is also proof of how greatly Britain and the United States were intertwined during the revolutionary period, he added.

The discovery is coinciding with a planned nationwide series of events and exhibitions marking the 250th anniversary of the Declaration of Independence that will be celebrated in the United States.

The archivists are certain that the document will be of immense interest for historians, scholars and the public, giving them new insights into one of the most influential documents in modern political history.

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