Putin believes current volume of trade with Africa not ‘the limit’

The current level of trade turnover between Russia and African countries is “far from the limit”, Russian President Vladimir Putin has said.

“Despite the challenging conditions in global markets, trade with Africa is steadily increasing," he says.

"The current level clearly indicates that this is far from the limit. In absolute terms, this is not a goal we should have set for ourselves. It is still quite modest."

According to Putin, “an increase in Russian-African trade turnover and its diversification will be facilitated by a more active transition to settlements in national currencies, as well as the establishment of new transport and logistics chains”.

Russian economy minister Maxim Reshetnikov said earlier in an interview with TASS that settlements in rubles and currencies of "friendly nations" will be in demand in trade and economic relations with Africa. 

“The high volatility of most African countries' economies impedes the completion of transactions and settlements in their national currencies.

"At the same time, settlements in rubles and currencies of friendly nations, particularly yuan, will be in demand in trade and economic relations with Africa,” said Reshetnikov.