The Kremlin has expanded the list of African friends whose banks may now trade currencies in Russia. These additions include Nigeria, Tunisia, and Ethiopia.
- Russia expanded the list of African countries eligible for currency trading in Moscow to include Nigeria, Tunisia, and Ethiopia.
- The total number of countries allowed for currency trading in Russia has increased to 40, including Laos and Mexico.
- The expansion was driven by the limited capacity of Russian individuals to provide enough liquidity in national currencies.
Very recently, Russia included Nigeria, Tunisia, and Ethiopia, on the list of countries eligible for currency trading in the North Asian country.
This was revealed by the country’s officials via a statement which read that countries now allowed to trade currencies in Moscow has ballooned to 40.
“The number of friendly and neutral countries whose credit institutions and brokers will be allowed to trade on the Russian foreign exchange market and the derivatives market has increased to 40,” the statement showed.
Countries outside of Africa, such as Laos, and Mexico were also recently included.
“The order has been signed. Representatives from Argentina, Cambodia, Laos, Mexico, Nigeria, Tunisia, and Ethiopia will now be able to engage in currency trading,” the statement added.
The Russian government also disclosed that the directive would assist in fulfilling the demand of the Russian economy for payments in its currency and enhance the effectiveness of the system for the direct conversion of the national currencies of friendly and neutral governments.
Two years back, the list of countries on this list amounted to 30.
African countries such as Algeria, Egypt, Morocco, and South Africa, were initially on the original list, which had been approved by the Russian government in September 2023.
Prior to these developments, only people from Russia could engage in domestic foreign currency trading.
However, their limited capacity to provide enough liquidity in national currencies restrained transaction volumes and skewed the ruble’s exchange rate.
This, according to Sputnik, was fueled by an increase in demand for other currencies as a result of Western sanctions.
These sanctions may be intensified following Donald Trump’s threats to impose 100% tariffs on BRICS countries, should they go ahead to introduce an alternative currency for international trade.
The BRICS group of nations which Russia is a major participant, has been actively pushing toward de-dollarization, aiming to create a more centralized trading system that is less reliant on the dollar.
This has caught the attention of the U.S.’s new president, Donald Trump, who has re-iterated time and time again, his threat to impose 100% tariffs on BRICS countries, should they go through with it.
In response, the Kremlin cautioned that any US attempt to coerce countries to use the dollar would result in unexpected repercussions.
