MOSCOW, October 29 – The Russian ruble now accounts for up to 85% of commercial transactions between Russia and African nations, President Vladimir Putin stated on Thursday, outlining plans to link the continent to alternative financial messaging systems.
Speaking at the Russia-Africa summit, Putin announced that bilateral trade turnover exceeded $27bn last year, representing a 1.5-times increase since the 2022 summit when trade stood at $18bn. Putin stated the immediate goal is to double this figure and exceed $50bn.
To shield trade from Western political and economic influence, Putin proposed expanding correspondent ties between Russian and African banks and transitioning to alternative payment information mechanisms. This includes utilising the Bank of Russia’s financial messaging system alongside the pan-African payment system.
During Wednesday’s forum, Putin stated that Africa requires solutions to escape its colonial legacy, noting that manufacturing currently accounts for less than 2% of the continent’s value added, and only 15% of its $1.5 trillion annual trade volume consists of intra-continental transactions. He stated Russia supports easing Africa’s debt burden and reforming the International Monetary Fund and World Bank to serve developing economies.
To further integrate markets, Russia is utilising the Eurasian Economic Union (EAEU) tariff preference system, which provides zero customs duties for 32 African nations and import benefits to 47.
The economic alignment will be formalised through a 2027–2029 action plan. African Union Chair Evariste Ndayishimiye stated the plan must focus on productive investments, infrastructure, technological exchange, and mutual market access, aligning with the continent’s Agenda 2063 framework.
