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Bloomberg's Nick Wadhams breaks down the competing narratives in a partial ceasefire deal announced today between Russia and Ukraine. He also talks the pressure on President Trump to rethink US chip curbs as major tech companies feel the impact. The US said Russia and Ukraine agreed to a ceasefire in the Black Sea, even as the Kremlin said its involvement would depend on a series of preconditions including sanctions relief. In separate statements, the White House said Tuesday that three days of technical-level talks in Saudi Arabia with teams from Russia and Ukraine had yielded agreements “to ensure safe navigation” in the Black Sea. The sides had also agreed to prevent the use of commercial shipping for military purposes, it said. The US “will help restore Russia’s access to the world market for agricultural and fertilizer exports, lower maritime insurance costs, and enhance access to ports and payment systems for such transactions,” according to the White House. The Kremlin confirmed the agreement on the Black Sea late Tuesday, but said it was conditional on lifting sanctions on banks and companies involved in agricultural exports. The truce would come into force once restrictions were removed from the Russian Agricultural Bank, Rosselkhozbank JSC, and other financial institutions involved in trade in food products and fertilizers, including by connecting them to the SWIFT international payments system, it said in a statement. The pushback came as Russia faces only limited barriers to sales of its food and fertilizers abroad. It ranks as the world’s biggest wheat exporter, accounting for more than a fifth of global trade. Ukrainian President Volodymyr Zelenskiy said his forces would observe the partial truce immediately. -------- Watch Bloomberg Radio LIVE on YouTube Weekdays 7am-6pm ET WATCH HERE: http://bit.ly/3vTiACF Follow us on X: / bloombergradio Subscribe to our Podcasts: Bloomberg Daybreak: http://bit.ly/3DWYoAN Bloomberg Surveillance: http://bit.ly/3OPtReI Bloomberg Intelligence: http://bit.ly/3YrBfOi Balance of Power: http://bit.ly/3OO8eLC Bloomberg Businessweek: http://bit.ly/3IPl60i Listen on Apple CarPlay and Android Auto with the Bloomberg Business app: Apple CarPlay: https://apple.co/486mghI Android Auto: https://bit.ly/49benZy Visit our YouTube channels: Bloomberg Podcasts: / bloombergpodcasts Bloomberg Television: / @markets Bloomberg Originals: / bloomberg Quicktake: / @bloombergquicktake