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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.

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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Putin Announces Temporary Easter Ceasefire in Ukraine

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Russian President Vladimir Putin has declared a temporary ceasefire in Ukraine to mark the Easter holiday, according to a statement issued by the Kremlin on Saturday. The truce, described as a humanitarian gesture, will be in effect from 6:00 p.m. Moscow time (1500 GMT) on Saturday until midnight on Sunday (2100 GMT), following Orthodox Easter celebrations.

“Guided by humanitarian considerations, today from 18:00 to 00:00 from Sunday to Monday, the Russian side declares an Easter truce. I order that all military actions be stopped for this period,” President Putin was quoted as saying during a meeting with Chief of the General Staff Valery Gerasimov. The announcement was made through the Kremlin’s official press service.

Putin expressed hope that Ukraine would reciprocate the gesture. “We assume that the Ukrainian side will follow our example,” he said, while also instructing Russian troops to remain vigilant. “At the same time, our troops must be ready to repel possible violations of the truce and provocations from the enemy, any of its aggressive actions.”

So far, there has been no official response from Kyiv regarding the proposed ceasefire. Ukrainian officials have yet to confirm whether they will observe the temporary truce.

The ceasefire announcement came on the same day Russia’s Defense Ministry claimed a military gain near the Ukraine border. Russian forces reportedly captured the village of Oleshnya in the Kursk region — one of the last Ukrainian footholds in that area, according to the ministry. However, the Associated Press noted that it could not independently verify the claim, and Ukrainian authorities have not issued a statement in response.

The announcement of the truce arrives amid continued hostilities in eastern and southern Ukraine, with both sides engaged in intense fighting despite periodic calls for peace. Previous attempts at temporary ceasefires, including those tied to religious holidays, have often failed to hold due to mutual accusations of violations.

The Kremlin’s move appears to be an attempt to frame Russia’s actions as being guided by humanitarian motives, possibly aimed at improving its international image during a deeply entrenched conflict. Nonetheless, observers remain skeptical about the effectiveness or sincerity of such temporary measures without a broader agreement in place.

The Orthodox Easter, a significant religious holiday in both Russia and Ukraine, is often seen as an opportunity for brief moments of reflection and reprieve from conflict. Whether this latest ceasefire will bring any tangible pause to the violence remains uncertain.

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US and Ukraine Sign Memorandum Paving Way for Controversial Mineral Deal

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Ukraine and the United States have signed a preliminary memorandum of intent aimed at finalizing a far-reaching economic partnership and reconstruction investment fund focused on mineral exploitation. The document, seen by Euronews, marks a significant step toward what could be a landmark agreement shaping Ukraine’s post-war economic recovery.

The memorandum, signed on Thursday by Ukraine’s First Deputy Prime Minister Yulia Svyrydenko and US Treasury Secretary Scott Bessent, sets the stage for high-level negotiations in Washington between April 21 and 26. According to the document, Ukrainian Prime Minister Denys Shmyhal will travel to Washington during that week to lend political backing to the final round of technical discussions.

The goal is to conclude talks by April 26 and sign the agreement shortly afterward. “Negotiating teams are expected to report on progress by April 26, 2025, with the aim of completing discussions by that date and signing as soon as possible,” the document reads.

The proposed agreement is not without controversy. It outlines the creation of a joint investment fund that would give the US considerable influence over Ukraine’s critical infrastructure and natural resources. The fund’s board would be made up of five members—three appointed by the US and two by Ukraine—effectively granting Washington veto power over major decisions.

Under the deal, Ukraine would be required to submit all major infrastructure and resource projects—including those involving roads, ports, railways, and mineral extraction—to the fund for approval. If rejected, Kyiv would be barred from offering the same projects to other countries under more favorable terms.

Furthermore, the US would receive all profits generated by the fund and a 4% annual return until the total military and financial assistance—estimated at €114 billion by the Kiel Institute for the World Economy—is repaid. This “payback” structure has been championed by former President Donald Trump, who remains a key figure in ongoing US foreign policy despite current tensions with Ukrainian leadership.

The agreement also notes potential legal conflicts with Ukraine’s EU accession obligations and international financial commitments. However, the US pledged not to interfere in those matters. “The United States respects Ukraine’s intention to avoid conflicts in the drafting of the agreement with Ukraine’s obligations under European Union accession,” the document states.

The deal comes amid growing tensions between the US and Ukraine. Relations have deteriorated since Trump initiated backchannel talks with Russian officials to end the war, reportedly excluding Ukrainian President Volodymyr Zelenskyy from the process. A heated Oval Office meeting between Trump and Zelenskyy in February only deepened the rift.

Meanwhile, US Secretary of State Marco Rubio was in Paris this week to consult with European allies. Speaking to reporters Friday, Rubio warned that Washington could pull out of peace negotiations if no meaningful progress is achieved soon.

As talks in Washington approach, the proposed investment fund is expected to dominate headlines—and draw scrutiny over its implications for Ukraine’s sovereignty and economic independence.

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Biden Blasts Trump Over Social Security Cuts in First Major Post-Presidency Speech

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In his first major public address since leaving office, former U.S. President Joe Biden launched a scathing critique of his successor, accusing President Donald Trump of dismantling the nation’s welfare system and putting millions of Americans at risk.

Speaking at a disability rights event in Chicago on Tuesday, Biden, 82, took aim at recent developments within the Social Security Administration (SSA), which provides vital benefits to over 70 million Americans. He warned that job cuts and funding reductions under Trump’s leadership could severely disrupt the delivery of services to some of the country’s most vulnerable citizens.

“In fewer than 100 days, this new administration has done so much damage and so much destruction. It’s kind of breathtaking,” Biden told the audience. “Social Security deserves to be protected for the good of the nation as a whole.”

Biden accused Trump of taking “a hatchet” to the country’s welfare safety net in a bid to slash federal spending. Though Trump has repeatedly vowed not to cut Social Security benefits, the Department of Government Efficiency (DOGE), an unofficial agency aligned with the administration, plans to eliminate 7,000 jobs from the SSA.

The plan is being overseen by DOGE head and Trump ally Elon Musk, who has controversially called Social Security “the biggest Ponzi scheme of all time.” The proposed staffing cuts have sparked widespread concern that benefit payments may be delayed or disrupted due to reduced agency capacity.

Already, thousands of SSA employees have departed the agency, leading to reports of website crashes and unresponsive customer service lines. Biden said such dysfunction could lead to “a calamity for millions of families” who rely on timely benefits.

Criticizing the speed and aggression of Trump’s budget cuts, Biden remarked that the administration is “shooting first and aiming later.” He emphasized the long-standing bipartisan consensus that Social Security should remain untouched, calling its preservation a moral obligation.

In response to Biden’s remarks, the Trump administration accused the former president of spreading misinformation. “He’s lying to Americans,” a White House spokesperson said.

Jason Turkish, a prominent disability lawyer based in Michigan who represents 32,000 clients, echoed Biden’s concerns. “There’s always been a belief that Social Security is just something we do not touch,” he said. “But now, people are genuinely worried.”

Since leaving office earlier this year, Biden has largely remained out of the political spotlight, aside from occasional public appearances. He was recently seen attending the opening night of Othello on Broadway and frequently commutes between his Delaware home and his Washington, D.C., office.

Tuesday’s address marks a return to the national stage for Biden and signals his growing concern over the direction of domestic policy under the Trump administration.

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