• Russian President Vladimir Putin revealed that Russia had written off African countries‘ debts totaling more than $20 billion in 2022.
• He also stated that trade between Russia and Africa had nearly reached $18 billion by the end of the year.
• Putin advocated for an alternative to the dollar-dominated financial system, signing bilateral agreements with countries like China and India.
Russia Wrote Off African Debts Totaling Over $20 Billion
Russian President Vladimir Putin recently announced that his country wrote off African countries‘ debts totaling more than $20 billion in 2022. Trade between Russia and Africa had nearly reached $18 billion by the end of the same year.
Putin Advocates for Alternative to Dollar-Dominated Financial System
In response to Western sanctions imposed after Russia invaded Ukraine, Putin has advocated for an alternative to the dollar-dominated financial system. He has signed bilateral agreements with countries such as China and India, under which national currencies are used to settle trades.
Counter-Commodity Exchanges Proposed
The Russian leader also proposed the development of „counter-commodity exchanges“ in order to facilitate increased trade between his country and the African continent. He expressed that a „more energetic transition in financial settlements to national currencies“ may prove beneficial towards establishing these new types of exchanges.
Opposition to Western Neo-Colonial Ideology
Putin further discussed his opposition towards what he termed as „neo-colonial ideology“ imposed by Western countries on other nations around the world. He argued that a majority of people still uphold traditional moral norms and social principles, thus opposing ideals forced upon them from outside sources.
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