At the development stage, authorities describe rigid positions that depend on a sprawling geopolitical engineering effort. Yet the tangible fact remains: the effort is real. In the days after Monday, grain commerce in the Black Sea region found itself in a delicate balance as the United Nations, long a leading diplomatic mediator in the Ukraine war, conducted a series of confidential talks aimed at sustaining a deal that once curbed price rises. The dynamics of food security hinge on those discussions, with price movements sometimes turning fragile markets into uncertain weather.
Meetings in Brussels followed a UN push to remove barriers blocking financial transactions involving Rosselkhozbank, the Russian agricultural bank subject to Western sanctions. The memorandum governing fertilizer exports — a second binding component of the main agreement crucial for food security in many developing countries — has progressed steadily. The arrangement also supports the uninterrupted flow of Ukrainian grain from the Black Sea, a point emphasized by the international organization on Wednesday. These developments reflect the broader aim of keeping global food supply chains stable amid the sanctions climate seen in recent years.
In this context, UN Secretary-General António Guterres remained in Belgium on Thursday and Friday, accompanied by some of the UN’s senior officials, including Rebeca Grynspan, the UNCTAD Secretary-General known for her role in organizational development. Guterres, who stayed in Brussels, also met with Belgian Prime Minister Alexander De Croo and King Philippe. The diplomatic scene framed these talks as part of a larger effort to stabilize markets and sustain aid programs amid ongoing tensions.
Rosselkhozbank
The setting did not appear accidental. Belgium, a country with a tightly regulated legal system, has moved quickly to connect sanctions with a streamlined process for financial transactions involving sanctioned Russian entities. Grynspan has led discussions with senior Russian officials, including Deputy Foreign Minister Sergey Vershinin, underscoring the high level of engagement surrounding the issue. The conversations, like many before them, were observed by international media and confirmed through nearby diplomatic channels, highlighting the sensitivity and complexity of the negotiations as they unfold.
One of Moscow’s most pressing demands has been the reinstatement of Rosselkhozbank to the SWIFT financial network. This goal was noted in June 2022 and cited by Reuters after consulting multiple European sources. The proposal reportedly presented to Moscow suggested granting the European Union a window to connect a subsidiary of Rosselkhozbank to SWIFT, a step that could open a controlled path for financial flows while preserving broader sanctions objectives. The negotiation landscape remains fluid, with several moving parts and no final public agreement yet announced as of Friday.
The overall outlook for a conclusive agreement remains distant, and the careful choreography of the talks continues. Türkiye, a sponsor of the Black Sea Initiative, signaled hope for a compromise. Yet Russia, Ukraine, and even the UN have remained restrained in public statements, while the United States urged caution about any concessions. The month’s discussions reflect a reality that is difficult to navigate, and Guterres traveled from Brussels by plane to face this challenging diplomatic terrain.
Slow Down
Fertilizer trade is a critical subject for Africa and Latin America, regions heavily reliant on these supplies. Russia stands as a major global exporter of these products, and the Black Sea Initiative has played a pivotal role in easing food prices and allowing Ukrainian grain to reach markets, including a portion destined for lower-income countries. The current pace of negotiations has been a concern for those who count on steady supplies to support farming and food programs across vulnerable regions.
The UN has also pointed to slowdowns in ship inspections and the exclusion of the port of Yuzhny/Pivdennyi from the agreement as factors that could disrupt the operation. Officials have pressed all parties to accelerate inspections and maintain the continuity of this vital accord, emphasizing that uninterrupted flows are essential for sustaining food security and stabilizing markets in the months ahead.