Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Ecuadorian President Daniel Noboa's motorcade comes under fire in Ecuador
Al Mayadeen's correspondent in Lebanon: Israeli quadcopter drops two shells on cafe in Houla town in South Lebanon
Informed source to Al Mayadeen: SDF Commander-in-Chief Mazloum Abdi demands that al-Sharaa approve the establishment of an autonomous region similar to the Kurdistan Region of Iraq.
Israeli media: Three drones launched from Yemen toward Eilat in span of 20 minutes.
Qatari Foreign Ministry: "Israel" should have already ceased fire under Trump plan for Gaza
Qatari Foreign Ministry: Release of Israeli captives will mark end of war in Gaza in accordance with Trump plan.
Israeli media: Security incident in Gaza Strip classified as serious results in six wounded soldiers so far, two critically injured.
Al Mayadeen's correspondent in South Lebanon: Israeli drone strike targets vehicle in Deir Ames, Tyre governorate.
Lebanese Ministry of Health: Final toll from airstrike on car in Zebdine, Nabatieh District: Two martyrs, four injured
Egyptian media: Indirect talks between Hamas and Israelis begin in Sharm el-Sheikh.

Russia, Africa to reduce mutual trade in USD, Euro

  • By Al Mayadeen Net
  • Source: Agencies
  • 22 Jul 2022 10:15
  • 2 Shares
4 Min Read

African countries, frustrated with western sanctions and political pressures, eye Russia for trade in national currencies.

  • x
  • Russian President Vladimir Putin shakes hands with South African President Cyril Ramaphosa at the 2019 Russia-Africa summit. (AFP)
    Russian President Vladimir Putin shakes hands with his South African counterpart at the 2019 Russia-Africa summit. (AFP)

Russian Foreign Minister Sergey Lavrov, on Friday, said Russian and African partners are working on reducing, though gradually, trade in the US dollar and the euro in mutual trade payments. 

Read more: US dollar may lose dominance due to Russian sanctions: IMF

"For sure, the current geopolitical situation requires certain adjustment of the mechanisms of our interaction: first of all, there is a question of ensuring seamless logistic and tuning the system of financial settlements to make them secure from the outer interference. In cooperation with its partners, Russia takes steps to enhance the use of national currencies and payment systems. We are working to gradually reduce the share of dollar and euro in mutual trade," Lavrov said in an article to  African outlets, published by the Russian Foreign Ministry on Friday.

Russia has for long advocated for the establishment of an independent and efficient financial system independent from the SWIFT system that is "proof against the potential impact from the unfriendly States."

Between July 24 and 28, Lavrov will be traveling to Africa and is scheduled to visit Egypt, Ethiopia, Uganda, and the Congo. 

Read next: FP: The West lost Africa through 'Cold War-esque' policies, liberalism

Europe and the West, since the start of the war in Ukraine, have been trying to get African countries to condemn the "Russian invasion" of Ukraine, in addition to exploiting the media to blame Russia for food security in Africa while western Europe has been reaping its resources for centuries, plunging it in crippling debt.

Russia committed to supplying energy to Africa despite sanctions 

Related News

Putin, Netanyahu discuss Gaza war, Iran nuclear file

Russia, Venezuela decry US strike on vessel in the Caribbean

Moscow, according to Lavrov, will continue to fulfill its obligations to supply food, fertilizers, and energy to African countries, regardless of western sanctions. 

"It is essential that all our African friends understand that Russia will continue to fulfill in good faith its obligations under international contracts with regard to exports of food, fertilizers, energy and other goods vital for Africa. Russia is taking all measures to this end," Lavrov said.

He added that Russia is well-aware of the importance of commodities essential to the social fabric, which includes food. 

"I would like to emphasize that the speculations of Western and Ukrainian propaganda that Russia allegedly "exports hunger" are completely unfounded. In fact, these are yet another attempt to shift the blame to others," Lavrov said. 

He argued that the collective West used the global COVID-19 pandemic to withhold commodities and food flows, which has forced developing countries to be dependent on its food imports, which was the starting point of a global food crisis.

West pressuring African countries to condemn Russia

In May, Russian Ambassador to Angola Vladimir Tararov told Sputnik that the West is going so far as to exert pressure on African states that it is even resorting to immoral actions like threats.

“I know that they [Angola] are under extreme pressure from the Western countries, who call on them to condemn Russia. But they expressly behave in this way, saying that we will contribute to the establishment of peace, we will contribute with all our might so that agreements are reached between the parties," Tararov said.

The Ambassador explained that Western nations "are just threatening, blackmailing. This blackmail, I emphasize once again, is immoral. The countries [of Africa] are barely standing their ground to resist."

The Russian diplomat stressed that when voting was underway for the anti-Russian resolution at the UN General Assembly, "almost all African countries voted neutrally, that is, they abstained. This means they did not support this resolution. But they did not dare to vote against it, because the pressure was extreme."

Read more: South Africa never forgets: Why Cape Town won't support Ukraine

  • Russia
  • Africa
  • US dollar
  • euros

Most Read

Tucker Carlson speaks at a memorial for Charlie Kirk, Sunday, September 21, 2025, at State Farm Stadium in Glendale, Arizona (AP)

Tucker Carlson: Israeli officers gave orders on Iran inside Pentagon

  • Politics
  • 2 Oct 2025
A Hamas fighter in combat fatigues stands before the ceremony for the handover of Israeli captives to the Red Cross in Nuseirat, central Gaza Strip, Saturday, February 22, 2025 (AP)

Hamas responds to Trump plan, backs Gaza withdrawal, exchange

  • Politics
  • 3 Oct 2025
ap

'Israel' pays influencers $7K per post to whitewash Gaza genocide

  • Politics
  • 1 Oct 2025
Mossad’s secret role in Aldo Moro’s 1978 murder revealed

Mossad’s secret role in Aldo Moro’s 1978 murder exposed

  • Politics
  • 5 Oct 2025

Coverage

All
War on Gaza

Read Next

All
In this May 20, 20201, photo Marine Gen. Frank McKenzie, the head of US Central Command, arrives in Baghdad, Iraq (AP)
Politics

US spent $33 billion on post-Oct.7 genocide, wars, Brown Uni reports

Speaker of the House Mike Johnson, R-La., holds a news conference to mark the seventh day of the government shutdown, at the Capitol in Washington, Tuesday, Oct. 7, 2025. (AP)
Politics

US troops face unpaid wages as government shutdown drags on

Mourners wave Hezbollah and a Palestinian flag during the funeral of Hezbollah former leader Sayyed Hassan Nasrallah and his successor Sayyed Hashem Safieddine in the Sports City Stadium in Beirut, Lebanon, Sunday, February 23, 2025 (AP)
Politics

Hezbollah voices support for Gaza, Resistance on October 7 anniversary

Al-Aqsa Flood restored Palestinian cause on the global stage: Hamas
Politics

Al-Aqsa Flood restored Palestinian cause on the global stage: Hamas

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS