Kudzai Dominic Chiwenga, an associate professor at the University of Zimbabwe, has spoken about currency strategies and compared the World Banks ‘International Monetary Fund’ (IMF) with the BRICS New Development Bank (NDB). The NDB, he has said, provides more flexible and supportive terms than the IMF. Chiwenga, who is also the Chairman of the Zimbabwe-Russia […]
Russia’s Foreign Minister Sergey Lavrov has held bilateral meetings with Sergey Shamba, the Foreign Minister of the Republic of Abkhazia. Abkhazia is a semi-recognised independent country that was formed in 1993. It had previously been a province of neighbouring Georgia, however following mass civil unrest and Georgian military action against ethnic Abkhazians, Russian troops were
Russia – Abkhazia 2024 Bilateral & Geopolitical Relations: Update Read More »
Russia’s Foreign Minister Sergey Lavrov has held bilateral meetings with Akhsar Dzhioev, the Foreign Minister of the Republic of South Ossetia. South Ossetia is a semi-recognised independent country that was formed in 1990, when the South Ossetian Autonomous Oblast, established by Soviet authorities in Moscow in 1922, declared independence from the Georgian Soviet Socialist Republic
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Uzbekistan is completing the procedure to join the Eurasian Development Bank (EDB), Prime Minister Abdulla Aripov said at a meeting of the Eurasian Intergovernmental Council in Yerevan. The EDB is an international development bank with charter capital of US$7 billion. Russia, Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Tajikistan are the bank’s shareholders. Uzbekistan’s decision to participate
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The Russian President Vladimir Putin has been speaking at the Russian Energy Week forum in Moscow, and stated as part of his speech that the BRICS member nations are jointly developing a payment and settlement framework to be used for trading within the group. Putin stressed that supplies of Russian oil and gas to ‘friendly’
Money Can’t Buy Me Love, but Diamonds Are Forever Russia has imported a significant quantity of diamonds from China for the first time, with 35,000 carats of the gems, worth more than US$12 million, imported last month, based on Chinese customs data. Both countries had stated that barter could be used to settle trade transactions
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The Moscow Stock Exchange (MOEX) has begun trading in cocoa futures contracts, with trading and settlements conducted in Russian Rubles. The cocoa trade desk began operating yesterday (September 24) and reflects an international demand for the product, reflecting the dynamics of the price of cocoa beans supplied from countries in Africa, Asia, and Central and
In signs that more wealth and capital is moving away from Europe to Asia as a result of Western sanctions, Soven 1 Holding Limited, an investor from the UAE, has signed an agreement to purchase the Austrian Raiffeisen Bank International’s 87.74% stake in the Belarus-based subsidiary Priorbank, and its subsidiaries. Raiffeisen’s core business has been
Russia is increasing the volume of payments in its national currency, with the Ruble’s share in its export trade with Europe rising to a historical high of 67% of the total, according to the Russian Central Bank. This indicates that the global structure of renumerations is changing against the backdrop of Western financial sanctions, and
Ruble Trade Volumes Up As US Dollar And Euro Decline In Russian Exports Trade Read More »
Russia’s financial authorities are moving towards the use of crypto-currency for international trade, with a focus group established to pilot and test international trade settlements using digital currencies. The group reportedly consists of members of the Russian Chamber of Commerce, and the Association of Electronics Developers and Manufacturers, as well as several lenders. The selected
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