According to Bloomberg, the United States announced that Russia and Ukraine have reached an agreement for a ceasefire in the Black Sea and are planning to establish measures for enforcing the prohibition of strikes on energy facilities.

The White House disclosed that after three days of talks in Saudi Arabia, both parties agreed to ensure safe navigation in the Black Sea and to prevent the use of commercial ships for military purposes. The US also pledged to assist Russia with agricultural and fertilizer exports, reduce maritime insurance costs, and facilitate transaction processes.

Ukrainian President, Volodymyr Zelenskiy, declared an immediate observance of the partial ceasefire by Ukrainian forces. He mentioned the likelihood of upcoming talks between Ukraine and the US. The Kremlin acknowledged the accord on safe navigation in the Black Sea, stressing the importance of lifting sanctions on specific financial institutions for the ceasefire to take effect.

The agreement would be activated once sanctions are removed from specified banks and companies, including the Russian Agricultural Bank and Rosselkhozbank JSC. Russia is a significant wheat exporter globally, while Ukraine also plays a notable role in crop exports via the Black Sea.

Ukrainian Defense Minister Rustem Umerov expressed in a social media post that any movement of Russian military vessels beyond the eastern part of the Black Sea would contravene the commitment to safe navigation and pose a threat to Ukraine's security.

Both Russia and Ukraine agreed to collaborate with the United States on implementing the ban on attacks against energy infrastructure. The prohibition is scheduled to start on March 18 and last for 30 days, as mentioned in the Kremlin's statement.