The Russian Chamber of Commerce and Industry (CCI) is urging the government to take an interest in the African market. CCI President Sergei Nikolaevich Katyrin articulated a series of proposals to improve economic relations with African nations in a letter, including the use of national currencies, such as CBDCs and crypto.
In a letter to Russian Prime Minister Mikhail Mishustin, Katyrin advocates the use of cryptocurrencies such as bitcoin for mutual settlement and payments.
He wrote that the Ministry of Finance of the Russian Federation and the Central Bank must conclude “intergovernmental agreements” with African states, “to work out the issue of establishing a specialized export-import bank, as well as a trust fund to support export activities of small and medium-sized businesses” in Africa.
He also addressed the Ministry of Industry and Trade and the Ministry of Economic Development to establish trade missions and free trade zones in the continent to capitalize on the potential for developing trade and economic ties.
He urges the two departments to create a mechanism that can be implemented in settlements for concessions for natural resources, investment projects, export operations, and other payments. He also suggests the establishment of a Russia-Africa Trading House.
As a part of Russia’s move into Africa in the context of the negative transformation of trade and economic relations amid Western sanctions, the proposal emphasizes that the development of cooperation with “friendly areas” is of paramount importance for the Russian Federation.
While Russia is still working on its crypto policies, its Central Bank has given the financial service, Sberbank, a license to issue and exchange digital financial assets due to the harsh sanctions imposed by the “collective west”.
Russia has also been considering Bitcoin as a payment method for its oil and gas exports to “friendly” countries like China or Turkey.
