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.