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28 Jul, 2023 16:30

Settlements using national currencies would boost Russia-Africa trade – Putin

Cooperation with African countries has been growing rapidly despite difficulties on global markets, Russian president has said
Settlements using national currencies would boost Russia-Africa trade – Putin

A transition to national currencies in bilateral trade between Africa and Russia would further boost cooperation between the two, which has seen rapid growth despite outside pressure, Russian President Vladimir Putin said on Friday.   

Even with economic headwinds and difficulties on the global markets, Russian entrepreneurs “have something to offer” to partners in African countries, the president pointed out, adding that there is broad scope for growth in bilateral commerce.   

Speaking at a plenary session of the 2023 Russia-Africa Summit in St. Petersburg, Putin pointed to a “quite modest” current volume of trade and called for a “more energetic transition to settlements in national currencies” in a bid to boost both trade turnover and its diversification.   

Russia and its trade partners among developing nations, including fellow BRICS members Brazil, China, India, and South Africa, have started to switch to alternative currencies in mutual trade, after sanctions effectively cut Moscow off from the Western financial system. A growing number of nations are expressing their support for the trend.   

Earlier this month Russia announced plans to launch negotiations on the switch to national currencies with countries in the Association of Southeast Asian Nations (ASEAN), namely Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.

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