The Russian Federation has almost completely switched to settlements in rubles with Africa
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- The Russian Federation has almost completely switched to settlements in rubles with Africa
The share of the Russian currency in export payments with African countries was 98.3% in April this year. This follows from the data of the Bank of Russia. In the last month alone, it increased by almost 8 percentage points, and a year earlier, for comparison, this figure was only 60.5%.
The trade turnover between African states and Russia is growing quite rapidly, although so far these countries cannot be called the main partners of the Russian Federation — they account for less than 10% of our country's foreign trade. In 2023, Russia exported $21 billion worth of its products to Africa, and in 2024 it exported almost $28 billion, said Natalia Milchakova, a leading analyst at Freedom Finance Global.
"A significant part of Russian exports to Africa are wheat and grain crops, which go mainly to Egypt and other northern countries of the continent, as well as machine—building and military-industrial complex (MIC) products," said Kirill Kononov, an analyst at BCS World Investments.
As explained by independent expert Andrey Barkhota, for the purchase of Russian goods, African countries purchase rubles on the foreign exchange market — in the external contour of the Russian Federation. This can happen in two stages: first, the purchase of a dollar for the national currency of the respective countries, and then the conversion of an "American" into rubles.
"It cannot be ruled out that the payment in foreign currency takes place only according to the balanced amount. For example, Russia supplies a group of countries with machine-building products, and supplies of uranium and cocoa beans come in return. And the difference is already payable in rubles," the economist added.
Read more in the exclusive Izvestia article:
Переведено сервисом «Яндекс Переводчик»
