The expert predicted a positive effect in the case of the implementation of the Black Sea initiative

The implementation of the Black Sea initiative can significantly improve the economic situation in Russia and mitigate sanctions pressure. It will also open up new opportunities for foreign trade, especially in the agricultural sector. Maxim Chirkov, Associate Professor of the Department of Economic Policy and Economic Measurements at GUU, shared this opinion in an interview with Izvestia on March 26.

"The Black Sea Initiative is certainly a positive development for the Russian economy. It will facilitate interaction with many countries around the world," the expert said.

The expert noted that, unlike the 2022 agreements, the likelihood of meeting conditions favorable to Russia has now increased significantly. An important aspect of the initiative will be the lifting of restrictions from the Rosselkhoznadzor and its return to the SWIFT system.

"The main thing is not even the connection to SWIFT, but the lifting of bans on financial transactions. This is a serious positive moment," he stressed.

In addition, the initiative will simplify the export of agricultural products, machinery and fertilizers, which is beneficial for Russia. But the main effect, according to the economist, is humanitarian, since many poor countries will be able to access affordable food products.

"It can improve nutrition and living standards for hundreds of millions of people. Sanctions hit citizens of low—income countries the most, and their mitigation will reduce global confrontation," Chirkov summed up.

For the parties' reasons: the Russian Federation and the United States have made progress in the "Black Sea Initiative"

It became known what Moscow and Washington agreed on during 12-hour consultations in Riyadh.

Earlier, on March 25, the Kremlin reported that the Russian Federation and the United States had agreed to work on the implementation of the Black Sea initiative, which assumes that navigation safety will be ensured in the Black Sea and the use of commercial vessels for military purposes will not be allowed.