African nations’ money owed totaling greater than $20 billion have been written off in the previous yr, Russian President Vladimir Putin stated on March 20. Putin additionally revealed that commerce between Russia and Africa had practically reached $18 billion by the top of the yr. Based on the Russian chief, the vast majority of the world is against the West’s “neo-colonial” ideology.

Putin Desires Commerce Between Russia and Africa Bolstered

Based on Russian President Vladimir Putin, in 2022 Moscow wrote off money owed of African nations 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 potential of rising the worth of commerce between the 2 areas.

“It’s unlikely that such a determine can absolutely swimsuit us, however we all know that that is removed from the restrict,” Putin reportedly stated.

Moreover bolstering direct commerce between his nation and the African continent, the Russian chief additionally spoke about his envisioned world monetary system that’s not dominated by the U.S. greenback. After Russia invaded Ukraine, Western nations responded by imposing sanctions on Moscow and reducing 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 nations like China and India. Beneath the phrases of among the agreements, nationwide currencies are used to settle trades.

‘Counter-Commodity Exchanges’

In the meantime, in his message to African nations, Putin additionally talked in regards to the improvement of what he referred to 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 recent transport and logistics chains” could facilitate the event of the envisioned commodity exchanges.

Regarding what he termed the Western nations’ “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 might be imposed from exterior.

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