African international locations’ money owed totaling greater than $20 billion have been written off prior to now yr, Russian President Vladimir Putin mentioned on March 20. Putin additionally revealed that commerce between Russia and Africa had practically reached $18 billion by the tip of the yr. In keeping with the Russian chief, nearly all of the world is against the West’s “neo-colonial” ideology.
Putin Needs Commerce Between Russia and Africa Bolstered
In keeping with Russian President Vladimir Putin, in 2022 Moscow wrote off money owed of African international locations that totaled over $20 billion. Throughout the identical yr, commerce between the 2 sides practically topped $18 billion.
Talking at a current worldwide convention, Putin, whose nation has been hit by Western sanctions, additionally talked about the opportunity of rising the worth of commerce between the 2 areas.
“It’s unlikely that such a determine can totally swimsuit us, however we all know that that is removed from the restrict,” Putin reportedly mentioned.
Apart from bolstering direct commerce between his nation and the African continent, the Russian chief additionally spoke about his envisioned world monetary system that isn’t dominated by the U.S. greenback. After Russia invaded Ukraine, Western international locations responded by imposing sanctions on Moscow and chopping off the nation from the worldwide monetary system.
To counter the West’s transfer, Russia has not solely advocated for a substitute for the dollar-dominated monetary system, however has signed bilateral agreements with international locations like China and India. Underneath the phrases of among the agreements, nationwide currencies are used to settle trades.
‘Counter-Commodity Exchanges’
In the meantime, in his message to African international locations, Putin additionally talked concerning the growth of what he known as “counter-commodity exchanges.” The Russian chief claimed {that a} “extra energetic transition in monetary settlements to nationwide currencies” in addition to “the institution of latest transport and logistics chains” might facilitate the event of the envisioned commodity exchanges.
Regarding what he termed the Western international locations’ “neo-colonial ideology,” Putin claimed that almost all of the world nonetheless “upholds ethical norms and social rules conventional for our peoples” and is against beliefs which are imposed from exterior.
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