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

Snowline Gold: The Multi Billion Dollar Valley PEA

Euro Sun: Rovina Copper-Gold Project Secures Some Major Funding

Arizona Metals: The Disappointing Kay Mine Resource Estimate

Recommended

Antimony Resources Drills 4.17% Antimony Over 7.4 Metres At Bald Hill

ESGold To Expand Mine Building At Montauban In Advance Of Gold & Silver Production

Related News

Romania Scraps Presidential Vote Over Foreign Influence Campaign

A foreign influence campaign targeting Romania’s presidential election has forced an extraordinary intervention by the...

Friday, December 6, 2024, 11:09:00 AM

Hedge Funds Shift to Bearish Territory on the US Dollar: World’s Reserve Currency Slump May Persist Even Longer

For the first time in over two years, hedge funds have become pessimistic about the...

Tuesday, August 18, 2020, 04:17:00 PM

Prigozhin Criticizes US’ Efforts in Africa, Invites Blinken to Support Wagner’s Efforts Instead

Earlier this week, the Clash Report published a letter from Wagner Group founder Yevgeny Prigozhin...

Saturday, March 25, 2023, 01:23:00 PM

Deutsche Bank Warns of a New Global Currency Landscape As Dollar Supremacy Wanes

Deutsche Bank (NYSE: DB) has raised the possibility that the US dollar may be losing...

Wednesday, March 5, 2025, 10:47:00 AM

Will SWIFT Sanctions Against Russia Cause Long Term Problems For The United States?

Last week, essentially all major economic powers in North America, and Europe, including the U.S.,...

Sunday, March 6, 2022, 03:03:00 PM