Alternative Payment Systems Could Start Russia-Africa Trade Boom: Ambassador
12:06 11.08.2025 (Updated: 12:24 11.08.2025)
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Alternative Payment Systems Could Start Russia-Africa Trade Boom: Ambassador
Commenting on Russian Foreign Minister Sergey Lavrov's proposal to explore alternatives to Western payment systems, Russian Ambassador to Cote d'Ivoire Alexey Saltykov told Russian media he believes it will greatly benefit trade between Russia and Africa.
Russia increasingly uses national and digital currencies, especially with BRICS nations, Saltykov noted.
Over 85% of settlements with developing BRICS members are now in national currencies, not dollars.
Russia is expanding its 'Financial Message Transfer System (SPFS)' as an alternative to SWIFT.
"African countries are also seeking to develop payment mechanisms independent of global currency systems such as the dollar, euro, or pound sterling. As far as I know, ten African countries have already united to develop such a mechanism," Saltykov noted, emphasizing that "intra-African trade is significant."
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