At an international parliamentary conference titled “Russia-Africa in a Multipolar World,” Russian President Vladimir Putin announced that his country has written off more than $20 billion in debts owed by African nations. He also highlighted the growing trade turnover between Russia and Africa, which reached almost $18 billion in 2022, and expressed a desire to strengthen economic ties with the continent further.
Putin stressed that the establishment of the African Continental Free Trade Area (AfCFTA) in 2021 would create additional opportunities for collaboration between Russia and Africa, particularly through the Eurasian Economic Union. He predicted that Africa would become one of the leaders of the emerging new multipolar world order, and that Russia and other countries in Asia and Latin America would join with African nations to oppose neo-colonial ideology.
According to Putin, the development of counter-commodity exchanges would be facilitated by a shift toward national currencies in financial settlements and the establishment of new transport and logistics chains. He emphasized that traditional moral norms and social principles shared by Russia and African nations set them apart from the neo-colonial ideology imposed from outside
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