Vladimir Putin Says Russia Wrote Off African Countries’ Debts Totaling Over $20 Billion in 2022

African countries’ debts totaling much than $20 cardinal were written disconnected successful the past year, Russian President Vladimir Putin said connected March 20. Putin besides revealed that commercialized betwixt Russia and Africa had astir reached $18 cardinal by the extremity of the year. According to the Russian leader, the bulk of the satellite is opposed to the West’s “neo-colonial” ideology.

Putin Wants Trade Between Russia and Africa Bolstered

According to Russian President Vladimir Putin, successful 2022 Moscow wrote disconnected debts of African countries that totaled implicit $20 billion. During the aforesaid year, commercialized betwixt the 2 sides astir topped $18 billion.

Speaking at a caller planetary conference, Putin, whose state has been deed by Western sanctions, besides talked astir the anticipation of expanding the worth of commercialized betwixt the 2 regions.

“It is improbable that specified a fig tin afloat suit us, but we cognize that this is acold from the limit,” Putin reportedly said.

Besides bolstering nonstop commercialized betwixt his state and the African continent, the Russian person besides spoke astir his envisioned planetary fiscal strategy that is not dominated by the U.S. dollar. After Russia invaded Ukraine, Western countries responded by imposing sanctions connected Moscow and cutting disconnected the state from the planetary fiscal system.

To antagonistic the West’s move, Russia has not lone advocated for an alternate to the dollar-dominated fiscal system, but has signed bilateral agreements with countries similar China and India. Under the presumption of immoderate of the agreements, nationalist currencies are utilized to settee trades.

‘Counter-Commodity Exchanges’

Meanwhile, successful his connection to African countries, Putin besides talked astir the improvement of what helium called “counter-commodity exchanges.” The Russian person claimed that a “more energetic modulation successful fiscal settlements to nationalist currencies” arsenic good arsenic “the constitution of caller transport and logistics chains” whitethorn facilitate the improvement of the envisioned commodity exchanges.

Concerning what helium termed the Western countries’ “neo-colonial ideology,” Putin claimed that the bulk of the satellite inactive “upholds motivation norms and societal principles accepted for our peoples” and is opposed to ideals that are imposed from outside.

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