As of the end of June 2023, ruble-denominated trade agreements between Russia and Africa accounted for 12.7 percent, and data from the Central Bank of the Russian Federation cited by RBC also show that in January this share stood at 80 percent. This contrast highlights a dynamic shift in how payments are being settled across the bilateral corridor, with rubles making a notable but fluctuating appearance in the portfolio of currencies used for Africa–Russia commerce.
At present, the bulk of Africa–Russia transactions are settled in Chinese yuan and in the currencies of other partner nations. Their combined share sits near 78.85 percent, according to the same bank reports. However, payments in currencies of unfriendly states still occur in roughly 8.5 percent of cases, underscoring the geopolitical and strategic considerations that shape currency choices in cross-continental trade.
During the January–August window of this year, Russia’s trade with African countries grew by about 43.5 percent over the same period a year earlier, reaching roughly $15.5 billion. This growth figure comes from the Ministry of Economic Development of the Russian Federation. Egypt leads the list of African partners by the value of trade with Russia, followed by Morocco, Libya, Tunisia, and Algeria. The ministry’s press service noted Africa’s abundant resource base and the continent’s potential to contribute to global supply chains. Yet officials pointed out that African nations often lack their own advanced production technologies. Consequently, Russian technologies for mineral exploration, development, and extraction on the continent remain in high demand among African buyers and partners.
Estimates from the Russian leadership place the 2022 trade turnover with Africa at about $18 billion, according to President Vladimir Putin. The Federation Council later specified that roughly $14.8 billion of this figure represented Russia’s exports to Africa. The products Russia supplied to African markets traditionally include machinery and equipment, food products such as grain, and various chemical items. Since the previous year, the Federal Customs Service has not published updated statistics on Russia’s foreign trade flows, which has limited public visibility into the latest trends and the evolving structure of exchanges with African economies. This gap has prompted discussion among policymakers about better data collection and transparency to inform strategic planning.
Maxim Reshetnikov, the Minister of Economic Development, stated that by 2030 Russia could lift its trade volume with Africa to at least double the level seen in the previous year, subject to continued strategic cooperation, investment in transport corridors, and the expansion of industrial and resource-processing capabilities. Industry experts note that achieving this target would likely depend on reinforcing long-term partnerships, improving logistics, and accelerating technology transfer that enables local value addition. In this context, officials have stressed the importance of stable policy environments, predictable pricing for energy and raw materials, and robust financing mechanisms to support joint ventures and infrastructure projects across the continent.
Putin has previously commented on the financial balance with Africa, highlighting a broad spectrum of debt, asset, and assistance considerations that accompany such expansive bilateral relations. In the current discourse, the focus remains on diversifying payment channels, expanding technologically advanced exports, and leveraging Africa’s natural resource wealth to drive mutual growth through practical, mutually beneficial cooperation. The overarching message is one of steady engagement, transparent counts of trade activity, and a pragmatic approach to scaling collaboration across sectors such as mining, agriculture, and industrial manufacturing. [Attribution: Russian Ministry of Economic Development; Central Bank of the Russian Federation; Federation Council; President of Russia]