https://en.sputniknews.africa/20230730/western-anti-russian-sanctions-affect-africa-activist-says-1060927032.html
Western Anti-Russian Sanctions Affect Africa, Activist Says
Western Anti-Russian Sanctions Affect Africa, Activist Says
Sputnik Africa
Nathalie Yamb, a Cameroonian-Swiss pan-African activist and businesswoman, gave an interview to Sputnik following the second Russia–Africa Summit held in St... 30.07.2023, Sputnik Africa
2023-07-30T15:06+0200
2023-07-30T15:06+0200
2023-08-03T10:50+0200
swift
africa in details
sanctions
anti-russian sanctions
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currency
euro
de-dollarization
ditching dollar
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Western restrictions against Russia are having an impact on African countries, pan-African activist Nathalie Yamb told Sputnik.In particular, the banning of Russian banks from the SWIFT system is complicating African purchases from Russia.Purchasing fertilizer now faces obstacles, as it has to be done through foreign intermediaries. Some African countries are also bound hand and foot by their use of the CFA franc, which is pegged to the euro, as the activist points out.According to Yamb, the logic of sanctions also applies very directly to Africa, through the principle of extraterritoriality of the dollar.She stressed that the United States uses the privilege of the greenback to intervene in African affairs. This makes a genuine de-dollarization necessary, via a return to the gold standard, for example, she believes.Thus, the African nations would be well-advised to refine and store their gold, rather than sell it, adds Nathalie Yamb, who is convinced that this de-dollarization process will gain in importance.
https://en.sputniknews.africa/20230728/trade-in-national-currencies-will-boost-intra-african-goods-exchange-afreximbank-vice-president-1060870915.html
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swift, africa in details, sanctions, anti-russian sanctions, west, cfa franc, currency, euro, de-dollarization, ditching dollar, russia-africa summit, international
swift, africa in details, sanctions, anti-russian sanctions, west, cfa franc, currency, euro, de-dollarization, ditching dollar, russia-africa summit, international
Western Anti-Russian Sanctions Affect Africa, Activist Says
15:06 30.07.2023 (Updated: 10:50 03.08.2023) Nathalie Yamb, a Cameroonian-Swiss pan-African activist and businesswoman, gave an interview to Sputnik following the second Russia–Africa Summit held in St. Petersburg, Russia on July 27-28.
Western restrictions against Russia are having an impact on African countries,
pan-African activist Nathalie Yamb told
Sputnik.
In particular, the banning of Russian banks from the SWIFT system is complicating African purchases from Russia.
Purchasing fertilizer now faces obstacles, as it has to be done through foreign intermediaries. Some African countries are also bound hand and foot by their use of the CFA franc, which is pegged to the euro, as the activist points out.
"We are the collateral victims of sanctions on the SWIFT system. Because the CFA is the euro. We used to buy our fertilizers from Russia. Today, we have the money, there are goods, but we can't pay because we don't control our own currency [...]. Now when we go to buy fertilizers in Russia, we have to go through intermediaries in Turkey, China or Dubai, and that increases the cost," she explained.
According to Yamb, the logic of sanctions also applies very directly to Africa, through the principle of extraterritoriality of the dollar.
She stressed that the United States uses the privilege of the greenback to intervene in African affairs. This makes a genuine
de-dollarization necessary, via a return to the gold standard, for example, she believes.
"We aspire to the de-dollarization of the economy because the extraterritoriality of the dollar is used to punish people morning, noon and night. Just before the Russia-Africa Summit, Washington again sanctioned three Malian leaders for making the choices that suit them in Mali. We urgently need to return to the gold standard," she declared
Thus, the African nations would be well-advised to refine and store their gold, rather than sell it, adds Nathalie Yamb, who is convinced that this de-dollarization process will gain in importance.
