Russia Expands Agricultural Exports to Africa, Diversifies Products and Plans New Payment System
Russia is strengthening its position as a key supplier of agricultural products to Africa, with grain exports leading the way. According to Arkady Zlochevsky, President of the Russian Grain Union, Africa has become a significant market for Russian agricultural products, with a wide geographical area for sales.
In the previous fiscal year, Russia exported grain to several African countries, including Egypt, Algeria, Tunisia, Namibia, Botswana, Mozambique, Tanzania, Kenya, Côte d’Ivoire, Ghana, Sudan, and Angola. Additionally, Russia has provided grain aid to several African nations, including Burkina Faso, Zimbabwe, the Central African Republic, Mali, Somalia, and Eritrea.
Russia is diversifying its agricultural exports, shifting from a heavy reliance on wheat to other products like peas and lentils. The country has become a world leader in the pea market and plans to expand its market share for niche crops.
To facilitate trade with African nations, Russia plans to develop a payment system in national currencies, including the ruble, through the BRICS group of nations. This move aims to address the current imbalance in mutual settlements and promote large-scale bilateral trade.
