African international locations’ money owed totaling greater than $20 billion had been written off up to now 12 months, Russian President Vladimir Putin stated on March 20. Putin additionally revealed that commerce between Russia and Africa had practically reached $18 billion by the tip of the 12 months. Based on the Russian chief, the vast majority of the world is against the West’s “neo-colonial” ideology.
Putin Needs Commerce Between Russia and Africa Bolstered
Based on Russian President Vladimir Putin, in 2022 Moscow wrote off money owed of African international locations that totaled over $20 billion. Throughout the identical 12 months, 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 absolutely go well with us, however we all know that that is removed from the restrict,” Putin reportedly stated.
In addition to bolstering direct commerce between his nation and the African continent, the Russian chief additionally spoke about his envisioned international monetary system that’s not dominated by the U.S. greenback. After Russia invaded Ukraine, Western international locations responded by imposing sanctions on Moscow and slicing off the nation from the worldwide monetary system.
To counter the West’s transfer, Russia has not solely advocated for an alternative choice to the dollar-dominated monetary system, however has signed bilateral agreements with international locations like China and India. Beneath the phrases of a number of 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 in regards to the improvement 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” could 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 ideas conventional for our peoples” and is against beliefs which are imposed from exterior.
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