Vladimir Putin Says Russia Wrote Off African Countries’ Debts Totaling Over $20 Billion in 2022 – Africa Bitcoin News

African international locations’ money owed totaling greater than $20 billion had been written off previously 12 months, Russian President Vladimir Putin stated on March 20. Putin additionally revealed that commerce between Russia and Africa had almost reached $18 billion by the tip of the 12 months. In line with 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

In line with 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 almost topped $18 billion.

Speaking 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 is unlikely that such a figure can fully suit us, but we know that this is far from the limit,” Putin reportedly stated.

Moreover bolstering direct commerce between his nation and the African continent, the Russian chief additionally spoke about his envisioned international 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 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. 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 in regards to the improvement of what he known as “counter-commodity exchanges.” The Russian chief claimed {that a} “more energetic transition in financial settlements to national currencies” in addition to “the establishment of new 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 moral norms and social principles traditional for our peoples” and is against beliefs which can be imposed from exterior.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, creator and author. He has written extensively in regards to the financial troubles of some African international locations in addition to how digital currencies can present Africans with an escape route.

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