By takumihamano 
The ongoing conflict between Russia and Ukraine has significantly impacted trade relations between the two countries. Here are some key developments and their implications:
- Black Sea Ceasefire and Energy Infrastructure Protection: A ceasefire in the Black Sea and a ban on strikes against energy infrastructure took effect on March 25, 2025. This agreement aims to ensure safe navigation and prevent the use of commercial vessels for military purposes. However, further technical consultations are needed to finalize the implementation details.
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Russia Demands US Security Guarantees to Restart Grain Deal: Russia has demanded security guarantees from the US before resuming the Black Sea grain deal, which facilitated the export of nearly 33 million tons of grain from July 2022 to July 2023. The deal was crucial for global food security, and its suspension has increased attacks on Ukrainian port infrastructure.
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Ukraine’s Gas Storage Plummets to Historic Low: Due to Russian attacks on energy infrastructure, Ukraine’s gas storage levels have fallen to a historic low of 0.7 billion cubic meters. To ensure a stable passage through the next winter season, Ukraine needs to import at least 5.5 billion cubic meters of gas, which would cost approximately USD 3 billion.
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Norway and EBRD Grant $150 Million to Naftogaz: Norway and the European Bank for Reconstruction and Development (EBRD) have provided Naftogaz, Ukraine’s state gas company, with $150 million in grants. This funding will enable Naftogaz to import gas, ensuring sufficient heating and electricity for homes, businesses, and industries during the upcoming heating season.
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EU Pledges €9 Billion More in Military Aid for Ukraine: The European Commission will provide Ukraine with an additional €9 billion in military aid by the end of 2025. This is in addition to the €144 billion already allocated since the beginning of the full-scale Russian invasion in February 2022.
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US Accuses Russia of Ukraine Ceasefire Violations: The US has accused Russia of violating ceasefire commitments in Ukraine, hindering peace efforts. Russian attacks, including a missile strike on Kryvyi Rih, undermine peace initiatives and demonstrate a lack of commitment to a ceasefire.
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Putin Declares Paschal Truce in Ukraine: Russian President Putin declared a “Paschal truce” from April 19th to April 21st, citing humanitarian reasons. Despite the truce announcement, Ukraine reported numerous Russian shelling attacks and assault attempts, indicating ongoing hostilities.
In summary, the trade relations between Russia and Ukraine remain strained due to the ongoing conflict. Efforts to establish ceasefires and protect critical infrastructure have seen limited success, with continued hostilities impacting both countries’ economies. International support, including financial aid and military assistance, remains crucial for Ukraine as it navigates these challenging times.