Friday, September 5, 2025

Russia Shuns US Dollar, Wants to Trade With Africa in Local Currencies Instead

Russia continues to turn its back on the US dollar, and is in the midst of devising a new strategy to conduct settlements with Africa in local currencies.

As cited by RT News, Russian Foreign Minister Sergey Lavrov announced on Wednesday that Moscow and Africa are actively in the midst of cutting the US dollar and the euro out of their mutual trade payments. “Documents are being prepared to reconfigure the mechanisms of interaction in the face of sanctions and threats, … new tools for trade and investment cooperation, supply chain systems, payments,” he said, adding that “there is a transition to settlements in national currencies, this process is not fast, but it is underway and is gaining momentum.”

Moscow has been gradually embarking on de-dollarizing its foreign trade, particularly with strategic economic powerhouses such as China and India. The growing absence of the US dollar and the euro in Russia’s mutual settlements with other nations has become more prominent since 2014, and accelerated substantially in the wake of Western sanctions.

Information for this briefing was found via RT News. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Goliath Resources Hits 10.60 g/t Gold Over 22.82 Metres, Highest Grade Results In Third Distinct Rock Package At Surebet Discovery

Four Countries Control the Fertilizer That Feeds the World | Sage Potash

$10,000 Gold Is Just A Question of Time | Florian Grummes

Recommended

ESGold Outlines $24.3 Million NPV For Tailings Reprocessing Project

First Majestic Encounters 711 g/t Silver Equivalent Over 8.0 Metres In Ongoing Exploration At Los Gatos

Related News

From Russia With Coin? Moscow Mulls Stablecoins For Cross-Border Settlements

Giving effect to mounting sanctions that effectively rendered the country’s ability to conduct international business...

Wednesday, September 7, 2022, 10:14:47 AM

Russia’s Gold and Currency Reserves Soar to Record-High as Economic Uncertainty and Inflation Accelerate

Russia’s international reserves have soared to unprecedented levels over the past several years, as the...

Sunday, October 17, 2021, 11:03:00 AM

Argentina: Newly-Elected President Javier Milei Promises To Dollarize Economy

Javier Milei secured victory in Argentina’s presidential elections, signaling a shift to the right amid...

Monday, November 20, 2023, 10:57:00 AM

UK’s New Sanctions On Russia Includes Diamonds As G7 Vows To “Starve The Russian War Machine”

Britain launched new sanctions on Russia on Friday, as G7 leaders gathered in Japan for...

Friday, May 19, 2023, 10:31:06 AM

More De-Dollarization? Ghana Unveils Plan to Purchase Crude With Gold Rather Than US Dollars

The list of countries shunning the US dollar is increasing. Ghana, a developing country located...

Friday, November 25, 2022, 12:23:00 PM