The White House says the US has reached agreements with Russia and Ukraine to ensure safe navigation and eliminate the use of force on the Black Sea.
The two countries have also agreed to prevent commercial vessels from being used for military purposes on the sea.
The White House made the announcements on Tuesday, after it engaged in separate technical-level talks with the two nations. The meetings were held in Saudi Arabia from Sunday through Tuesday.
The US said the two countries also agreed to take steps to ban strikes against energy facilities in Russia and Ukraine.
The US added that it will help restore Russia's access to the world market for agricultural and fertilizer exports.
Washington will reportedly help Kyiv achieve the exchange of prisoners of war and the return of forcibly transferred Ukrainian children.
Russia's presidential office also made an announcement about the agreement on Tuesday. But it noted that certain conditions must be met in order for the agreement to go into effect. The office said restrictions on trade and financial transactions must come to an end. It also said sanctions on fertilizer producers and exporters, as well as those on food items, such as marine products, must be lifted.
Meanwhile, Ukrainian President Volodymyr Zelenskyy commented on the agreement. He said it will be implemented immediately.
The president added he will urge Trump to impose sanctions on Russia and provide weapons to Ukraine, if Moscow violates the deal.
The US says it will continue to facilitate negotiations between the two sides.
Observers are waiting to see whether President Donald Trump's administration will be able to steadily implement the agreements with the two countries, and whether the negotiations will lead to a ceasefire.