Equatoguinean President Teodoro Obiang Nguema Mbasogo has expressed strong support for the development of an independent payment system and trade in national currencies spearheaded by BRICS nations, viewing it as a potential path to economic empowerment for the Global South.
Speaking to Sputnik Africa on the sidelines of the 7th Russian Energy Week in Moscow, Obiang argued that the current global economic system, with its "unjustified embargoes" and restrictions, unfairly disadvantages many nations.
"I believe that BRICS is the hope of the countries of the Global South that they will reach a [high] economic level in transactions, accelerate trade and economic transactions, transfers, which are very difficult today," he said.
Pointing to the fact that there already is a common BRICS financial institution, the BRICS New Development Bank, the African leader proposed the creation of a "convertible [BRICS] currency of international scale, which can become a counterweight to the dollar and the euro."
Although Equatorial Guinea is not currently a member of BRICS, President Obiang expressed his openness to participating in the group's upcoming summit in Russia in October, saying he would attend if invited.
Energy Cooperation
During the interview, President Obiang also called on Russia to support his country's energy development, asserting that Moscow's expertise can help strengthen Equatorial Guinea's energy sovereignty.
The African leader expressed hope that Russia will share its expertise with African nations.
"I believe that Russia is ready to support African countries in general and Equatorial Guinea in particular," Obiang said. "We look forward to the arrival of Russian companies working in this sector in Equatorial Guinea, so that we can develop joint programs for the development of our country's energy sector."
The president's statement comes at a time when Equatorial Guinea, with its significant oil and gas reserves, is actively exploring ways to optimize its energy sector and enhance its domestic capacity.
Anti-Russian Sanctions
Commenting on the recent blocking of Sputnik accounts on Western social media platforms, Obiang reaffirmed Equatorial Guinea's commitment to its national sovereignty and its refusal to participate in Western sanctions against Russia.
The leader told Sputnik Africa that Malabo is not obligated to follow the dictates of Western states in its relations with Moscow.
"We have no reason to submit to anyone's dictates. This would diminish the importance of national sovereignty," he stated. "We are sovereign. So if, for example, Western countries restrict movement for contacts with Russia, it affects them [Western countries] and not all other countries."
President Obiang further cited the successful Russia-Africa Forum held in St. Petersburg last year, where most African countries participated despite Western pressure.
"We do not attach importance to the considerations of the Western countries, and we do not want to enter into this confrontation," he said.