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Russia, Ethiopia Should Start Talks on Using National Currencies in Trade, Says Ethiopian Envoy

11:17, 3 March 2024

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Muhammad Nooh Osman

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On January 1, BRICS, the economic bloc of Brazil, Russia, India, China, and South Africa, formally welcomed Egypt, Ethiopia, Iran, the UAE, and Saudi Arabia as full members. This year, as Russia takes over the chairmanship of the expanded BRICS group, the development of international trade in local currencies is one of the group's key agenda items.

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Russia and Ethiopia should start negotiations on the use of national currencies in mutual trade, the country's Ambassador to Russia Cham Ugala Uriat said in an interview with Sputnik.

"I don't see any problem in using national currencies in trade between Russia and Ethiopia. I hope that in the future this will be the subject of negotiations between our countries. I see only advantages in it. If Ethiopia wants to buy something from Russia, we can safely use the Ethiopian birr," said Ambassador Cham Ugala Uriat.

The issue of financial transfers is now an important issue, as the diplomat pointed out.

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"We know that Russia and China, India, Saudi Arabia have already started using national currencies in mutual trade. I think that using national currencies is a good format for cooperation. Now that we are part of BRICS, this will be one of the issues that the countries will discuss," he added.

The ambassador also disclosed to Sputnik that Addis Ababa and Moscow are currently discussing the signing of an agreement on geothermal energy.

"Ethiopia and Russia are discussing the signing of an agreement in this field.... We know that Russian specialists are well versed in geothermal energy and we want to strengthen our energy production. The agreement is close, there is even a project that the Russian company Rusgidro wants to work on. Negotiations are now at an advanced stage," the diplomat said.

The ambassador added that Ethiopia is the only country in East Africa investing large sums in the development of alternative energy sources.