Russia’s trade with African nations is expected to expand as alternative payment mechanisms come online, according to Alexey Saltykov, Russia’s ambassador to Côte d’Ivoire. His comments followed Foreign Minister Sergey Lavrov’s proposal to explore non-Western payment platforms to facilitate commerce.
"I am confident this will have a highly positive impact on trade between Russia and the African continent," the diplomat told TASS.
He noted that Russia has already scaled up settlements in national and digital currencies, particularly with BRICS partners—over 85% of transactions with the bloc’s emerging economies now bypass the US dollar. Moscow has also rolled out its SWIFT alternative, the System for Transfer of Financial Messages (SPFS).
"African nations are likewise developing payment solutions independent of traditional reserve currencies like the dollar, euro, or pound," Saltykov added. "Ten African states have already joined forces to create such a mechanism."
The ambassador highlighted robust intra-African trade, particularly within the Economic Community of West African States (ECOWAS), where annual exchanges between Nigeria, Côte d’Ivoire, and other members range between $10-20 billion.
GSV "Russia - Islamic World"
Photo: Russian Embassy in Ouagadougou
Based on TASS materials