Russia Expands Currency Trading Partners to 40 Countries
Russia has recently expanded the list of countries eligible for currency trading on its market, bringing the total number to 40, up from 30 two years ago. The new entrants include Tunisia, Nigeria, Ethiopia, as well as non-African countries such as Laos and Mexico. This development is part of Russia's geopolitical repositioning in response to Western sanctions imposed since the Ukraine war.
The expansion of this list aims to diversify Russia's economic partnerships, particularly by strengthening its ties with emerging countries, amidst a shortage of foreign currencies on the domestic market. Western sanctions have limited access to traditional financial channels and weakened the Russian economy, affecting the liquidity of the ruble and increasing the cost of imports. In response, Moscow is seeking alternatives to stabilize its trade exchanges.
Russia is thus reinforcing its alliances within the BRICS group, which aims to reduce dependence on the US dollar by developing an alternative financial system. This initiative has raised concerns in the United States, where Donald Trump has threatened to impose 100% tariffs on BRICS countries if an alternative currency for international trade is established.
