Russia needs to expand its financial and banking presence in Africa to keep working with the region's nations and increase trade with the continent in view of the unprecedented restrictions imposed on the Russian financial sector, Aliu Tunkara, a member of the Malian parliament, told Sputnik on Tuesday
ST. PETERSBURG (Pakistan Point News / Sputnik - 25th July, 2023) Russia needs to expand its financial and banking presence in Africa to keep working with the region's nations and increase trade with the continent in view of the unprecedented restrictions imposed on the Russian financial sector, Aliu Tunkara, a member of the Malian parliament, told Sputnik on Tuesday.
"Russia is a world power that has all the instruments to resolve issues with sanctions, create the necessary legislative and financial base, create all the conditions for friendly countries, including those in Africа, to trade with Russia. It is necessary (for Moscow) to build up presence in Africa, including in the banking sector," Tunkara said on the sidelines of the Russian-African conference of the Valdai Discussion Club in Russia's St. Petersburg.
Currently, the African countries are experiencing difficulties in trade with Russia, since the majority of their financial transactions go through Western financial institutions, the Malian lawmaker noted.
"This issue can and should be solved. Russia is very much welcomed to expand its financial presence on the continent. We need to move towards financial partnership. Mali is ready for such cooperation," he said.
Tunkara also stressed that Bamako was keen to continue deepening bilateral ties with Moscow regardless of the current political and economic situation.
Many African countries have kept developing economic ties and trade with Russia despite the fact that Western countries have frozen Russia's foreign Currency reserves and halted international payments from Russian banks as part of sanctions against Moscow over the Ukraine conflict. Further prospects for financial and banking cooperation between Russia and the continent are expected to be actively discussed at the Second Russia-Africa Summit in St. Petersburg from July 26-29.
