MOSCOW, March 30. /TASS/. The trade turnover between Russia and South Africa surged 16.4% as of 2022 year-end and climbed to $1.3 bln, Alexander Kozlov, the Russian Minister of Natural Resources and the co-chairman of the Russian-South African intergovernmental commission, said at the commission’s meeting.

"The trade turnover between Russia and South Africa increased by 16.4% as of 2022 year-end and totaled $1.3 bln. I believe the potential is much greater. Preconditions are in place to boost volumes of trade," Kozlov said.

At the same time, unprecedented sanctions against Russia stand in the way of trade growth, the Minister recognized. "Under these conditions, it is necessary to work out new ways of cooperating in the financial sphere. I expect we will be able to carry out practical work in this area in the very near future and build an effective system of payments," he added.