Skip to content
You can now search across every topic, entity and event.What's new
European Oil Markets
15JUN

160 prisoners freed on each side

1 min read
11:33UTC

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

EconomicDeveloping
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.

First Reported In

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

CFTC· 2 Jul 2026
Read original
Different Perspectives
Sanctions compliance officer reviewing a Lukoil International GmbH bid
Sanctions compliance officer reviewing a Lukoil International GmbH bid
OFAC's amended FAQ 1224 gives a compliance desk its first published standard: full severance from Lukoil and a US-jurisdiction blocked account for sale proceeds. The conditions name neither ISAB nor Italy, so a Priolo Gargallo-linked bid answers a different question than a Neftochim Burgas or Petrotel Ploiesti one.
Managed-money funds on Brent Last Day
Managed-money funds on Brent Last Day
CFTC data for the week to 21 July showed managed money flipping 74,400 contracts to a net long of 15,665 against 1,410 short on the Brent Last Day contract, code 06765T. A fund that held that short through July has now covered it, and the spent short base raises the bar for the next leg higher.
Saudi crude exporters
Saudi crude exporters
Saudi-linked tanker transits through Bab el-Mandeb fell to about 7.5 a day after the 24 July underwriting withdrawal, pushing more barrels onto the longer route round the Cape or through the Yanbu terminal. Every diverted barrel ties up a ship for longer, and a fleet that turns slower charges more.
Tanker owners on the Bab el-Mandeb route
Tanker owners on the Bab el-Mandeb route
Lloyd's-market syndicates withdrew war-risk cover from Saudi-linked hulls on 24 July, leaving owners of that class of vessel to sail Bab el-Mandeb uninsured or not at all. Tanker transits on the route fell to roughly 7.5 a day, and cover, once withdrawn, does not return on a shipowner's timetable.
Eni
Eni
Eni's board approved second-quarter results on 29 July, swinging refining EBIT to a EUR0.08bn profit from a year-earlier loss even as group profit doubled, and named Red Sea freight cost as a cap on that improvement. A refiner absorbing higher shipping costs on Saudi-linked crude while its numbers improve treats the freight line as a drag, not a crisis.
Asian buyers (India, Japan, China, South Korea)
Asian buyers (India, Japan, China, South Korea)
Asian refiners are absorbing 62% of Yanbu's 3.75m b/d flow, the bulk of Saudi Arabia's rerouted crude now clearing east rather than into the Atlantic basin. That destination split leaves Asian buyers more exposed to any single Yanbu-specific disruption than under the kingdom's normal multi-terminal export pattern.