Russia And Africa JUST ANNOUNCED DITCHING The Dollar In Their NEW Trade Strategy

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Russia and Africa have had a complex relationship over the years. The Soviet Union had close ties with many African countries and provided them with military and economic assistance during the Cold War.

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However, Russia’s presence in Africa diminished following the collapse of the Soviet Union. And in recent years, Russia has sought to re-establish its presence in Africa and has increased its economic and political engagement with the continent.

The Russian government has collaborated with African countries in energy, mining, and military equipment. The country has also taken a more active role in African peacekeeping and has provided military training to some African countries.

Russian Foreign Minister, Sergey Lavrov, has announced that Russia and African nations are moving towards settlements in national currencies.

This is a significant shift in how they conduct trade with each other, as it aims to reduce their dependence on the US dollar and the Euro in mutual trade payments.

This announcement was made during a press conference on the results of the activities of Russian diplomacy in 2022.

And the event was held to provide an overview of the progress made and the future plans of the Russian government in its diplomatic relations with other countries.

Lavrov stated that the parties are preparing documents to help rearrange the cooperation mechanism under Western sanctions.

The goal is to create new tools for trade and investment cooperation, supply chain systems, and payments that will help to mitigate the effects of sanctions on their trade relations.

The Russian Foreign Minister also mentioned that there will be a second summit with Africa this year at the end of July in St. Petersburg.

This summit is expected to provide an opportunity for the Russian government to discuss further cooperation with African nations and strengthen their relationship.

It is important to note that the transition to settlements in national currencies is not a fast process. However, it is underway and gaining momentum.

This shift in how trade is conducted will likely significantly impact the global economy and how countries conduct trade with each other in the future.

In recent years, Russia has been actively working towards a policy of de-dollarization in foreign trade, which is an effort to move away from the heavy reliance on the US Dollar and Euro.

And Russia has been increasing the use of domestic currencies in mutual settlements with several of its trade partners, such as India, China, and Saudi Arabia in line with this policy.

Saudi Arabia has also just announced that it will follow a similar de-dollarization policy.

Furthermore, Russia’s expansion of military, economic, and political cooperation with Africa has been growing steadily in recent years.

In fact, the country has signed more than 20 bilateral agreements with different African countries, which has increased the trade volume between Russia and the continent.

Now, in an effort to strengthen these ties, Russian Foreign Minister Sergey Lavrov visited four African nations last year. This includes Egypt, Ethiopia, Uganda, and the Republic of Congo.

During that time, Sergey Lavrov wrote an article titled “Russia and Africa: A Future-Bound Partnership,” which was widely circulated among African media.

In the article, Lavrov expressed gratitude to the African countries that did not support the UN General Assembly resolution in March condemning Russia’s invasion of Ukraine.

24 out of the 54 African states abstained or were absent from the vote, showing the growing cooperation and partnership between Russia and Africa.

This policy of de-dollarization and increased cooperation with Africa is a strategic move by Russia to diversify its economic and political partnerships and reduce its dependence on the West.

It also opens up new opportunities for trade and investment for Russia and African countries and strengthens their economic and political ties.

Lavrov has emphasized the importance of respecting the sovereignty of African nations and their right to determine their own development paths. He has stated that Russia is committed to the principle of “African solutions to African problems” and does not impose anything on anyone or tell others how to live.

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