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Russia Expands Currency Trading, Adds Nigeria, Tunisia and Ethiopia to Expanded List

The expansion comes as a strategic move to address the limited liquidity in national currencies previously experienced by Russian traders. Previously restricted to only Russian participants, the foreign exchange market has now been opened to a wider range of countries.

Key developments include:

  • The list of eligible countries has grown from 30 to 40
  • African countries like Algeria, Egypt, Morocco, and South Africa were initially included in September 2023
  • New additions include Nigeria, Tunisia, Ethiopia, Argentina, Cambodia, Laos, and Mexico

Russian officials stated that this directive aims to fulfill the economic demand for payments in their currency and improve the direct conversion system for national currencies of friendly and neutral governments.

The expansion occurs against the backdrop of ongoing geopolitical tensions, with potential implications for international trade. The BRICS nations, of which Russia is a key member, continue to push for de-dollarization, a move that has drawn attention and potential pushback from the United States.

U.S. President Donald Trump has repeatedly threatened to impose 100% tariffs on BRICS countries if they proceed with creating an alternative international trading currency. In response, the Kremlin has warned that any attempts to coerce countries into using the dollar could lead to unexpected consequences.

These developments highlight the ongoing global economic repositioning and the efforts of nations like Russia to create more flexible and diverse international trading mechanisms. 

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