23JUL

160 prisoners freed on each side

1 min read

19:27UTC

Russia and Ukraine each freed 160 soldiers on 26 June in an Emirati-brokered exchange; the freed Russians had been held in Belarus.

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Key takeaway

The humanitarian swap track keeps working while ceasefire talks stall, and the freed Russians came from Belarus.

Russia and Ukraine each freed 160 soldiers on 26 June in an exchange brokered by the United Arab Emirates, the Gulf state that has mediated several swaps in the war ¹. The freed soldiers had been held since 2022, and the released Russians had been held on Belarusian soil ².

The exchange continues a track that has kept moving even as ceasefire talks stalled. Istanbul Round 2 on 2 June agreed a 1,200-for-1,200 swap , and Ukraine completed the war's largest single exchange, a 1,000-prisoner deal, on 24 May . The Emirati channel has been the constant facilitator across the conflict, producing agreed lists faster than the Russia-Ukraine bilateral track alone. That the released Russians were held in Belarus threads this swap back into the week's Belarus story.

Deep Analysis

In plain English

Russia and Ukraine swapped prisoners of war again, 160 soldiers each, on 26 June. The exchange was arranged with help from the United Arab Emirates, which has repeatedly stepped in to broker these swaps throughout the war. The freed Russian soldiers had been held in Belarus rather than Ukraine, a detail that shows how tangled up Belarus has become in the war despite formally staying out of the fighting.

What could happen next?

Meaning
That freed Russian soldiers were held in Belarus, not Ukraine, underlines how deeply Minsk's territory and personnel are entangled in the war despite formal non-belligerence.

Sources:Lloyd's List·Baltic Exchange·The National

Mentions:Russia →Ukraine →Belarus →United Arab Emirates (UAE) →Istanbul →

First Reported In

Update #22 · Belarus relays go dark on Kyiv's deadline

Lloyd's List· 2 Jul 2026

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Causes and effects

Caused by

Istanbul Round 2: prisoners, no truce

The 160-for-160 swap continues the exchange track opened by the Istanbul Round 2 prisoner deal.

Occurred 2 Jun 2026

Read story →

War's biggest prisoner swap is completed

The exchange extends the pattern of large prisoner swaps following the 24 May 1,000-prisoner exchange.

Occurred 24 May 2026

Read story →

This Event

160 prisoners freed on each side

The swap keeps the one working humanitarian channel open, and the Belarus detention detail ties it back to the week's central story.

Different Perspectives

US money managers (CFTC-tracked)

US money managers had trimmed WTI net long positioning into July's rally, doubting the Hormuz premium would hold without freight or war-risk confirmation, and the crude stock build reported for the week to 17 July gives that scepticism a fundamentals basis. The 25 July CFTC data will show whether Brent's move above $100 changed their calculus.

Asian distillate buyers (Singapore)

Singapore's distillate holders kept retaining middle-distillate barrels as the East-West arbitrage window narrowed further this week, a pattern that sharpened as Fujairah light distillates hit a record low. Cargoes are being held rather than released west into the tightening Mediterranean market.

Bulgaria

Bulgaria secured the removal of Lukoil founder Vagit Alekperov and Patriarch Kirill from the 21st package, with President Rumen Radev calling a personal listing 'shooting ourselves in the foot'. Sofia is protecting its position in Lukoil's EUR 3bn compensation claim over the 2023 Neftohim Burgas nationalisation.

Russia

Russia loses the roughly $14 a barrel of legal headroom the price-cap formula would have released toward $58, even as Urals continues trading below Moscow's $59 budget floor. The shadow-fleet insurance workaround that lets sanctioned crude clear above $44 in practice remains untouched by the freeze itself.

European Union

The EU adopted its 21st sanctions package on 23 July, freezing the $44 Russia oil cap for 12 months rather than letting the formula drift it toward $58, and listed shadow-fleet support vessels for the first time. The package cleared only after three failed Coreper votes.

Marine war-risk underwriters (Lloyd's-linked syndicates)

War-risk syndicates lifted southern Red Sea hull premiums 150% to about 0.75% of hull value after the 20 July blockade declaration, still a seventh of the roughly 5% Hormuz band. Underwriters reset on realised loss, not declared threat, so the 23 July Encelia and Layla strikes set up the next re-mark.