A ceasefire in the Black Sea if Russian economic sanctions are lifted.

Live from the BBC World Service, this is the Marketplace Morning Report.

I'm Luke Wilson in Fuliana Byrne. Good morning.

The White House says Russia and Ukraine have agreed to stop attacks on shipping in the Black Sea

and to work towards pausing strikes on energy facilities.

But the Kremlin says only once some sanctions are lifted.

The deal followed separate US-led negotiations with Russian and Ukrainian officials.

Here's the BBC's James Landale.

After three days of talks in Saudi Arabia, at last, some progress.

Two separate texts outlining agreements

between the US and Russia and the US and Ukraine. All sides agreed to ensure safe navigation,

eliminate the use of force and prevent the use of commercial vessels for military purposes

in the Black Sea. But then came a third document issued by the Kremlin which mudded the waters.

It said the Black Sea ceasefire would come into force only when sanctions were lifted on Russian banks, insurers, companies, ports and ships that would allow it to export more agriculture and fertilizer goods.

That may take some time and may not entirely be in the gift of the US.

James Landale there.

So what impact could lifting sanctions have?

Alexander Collander is with the Democratic Resilience Program

at the Centre for European Policy Analysis.

The main purpose is to have a clean bank, a large, preferably state-owned bank,

which is not sanctioned and which can operate through the export and import operations throughout

the world. A lot of sanctions would remain in place. The overall banking system be paralyzed,

...