Russia Proposes Barter, Alternative Currencies to Boost Trade with Morocco Amid Sanctions

Russia and Morocco can minimize the impact of Western sanctions against Moscow on their trade exchanges by resorting to barter and using currencies other than the dollar and the euro, the Russian diplomat explained in an interview with the Spanish news agency Efe. According to him, it is possible to discuss barter operations as well as find solutions for mutual settlements using other currencies, excluding the dollar and the euro, or national currencies.

Valerian Chouvaev acknowledged that the exclusion of several Russian banks from the Swift financial transaction system has undermined exchanges. He mentioned "difficulties" in payments. However, this measure has only affected "less than ten of the 300 banks that are part of the Russian banking system," he stressed.

The Russian diplomat also reported that Moroccan exports to Russia are showing a positive trend. In 2021, they increased by 10.8% compared to 2020. Their value reached $435 million. Morocco exported to Russia food and agricultural raw materials (46.7%), textiles and footwear (33.8%), machinery, equipment and vehicles (15.3%), minerals (2%) and metals and derivatives (1%).

As for Russian exports to Morocco, they have experienced "record growth". They had increased by 58.5% at the end of 2021 compared to the previous year, exceeding $1.2 billion, which is the best figure among all African countries, Valerian Chouavev rejoiced.