Russia wants to trade with African countries in local currency – Lavrov – RT Business News


The parties will develop a cooperation strategy to replace US dollars and euros in settlements

Russia and African countries have moved to settlement in national currency, Russian Foreign Minister Sergey Lavrov announced on Wednesday, and the parties are preparing documents on the reconstruction of the cooperation mechanism within the framework of Western sanctions.

Lavrov’s statement was made during a press conference on the results of the 2022 Russian diplomatic service. The official previously said that Russian and African partners are trying to reduce US dollar and euro trade in mutual trade payments, albeit gradually.

“As you know, we are planning a second summit with Africa at the end of July this year in St. Petersburg, and we are preparing a series of events for this purpose, as well as documents are being prepared for the reconfiguration of interaction mechanisms in Africa. countering sanctions and threats, … new tools for trade and investment cooperation, supply chain systems, payments,” added the Minister of Foreign Affairs of Russia “There is a transition to settlements in the national currency, the process is not fast, but it is happening and gaining momentum.”

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Moscow constantly pursues a policy of de-dollarization of foreign trade. In recent years, Russia and some of its trading partners, including India and China, have increased the use of national currencies in mutual settlements in an effort to move away from the US dollar and the euro.

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