MOSCOW, October 28. /TASS/. Central bank digital currencies could become new instruments for facilitating cross-border settlements between Russia and African countries, according to the authors of a report titled "Russia-Africa: Routes for Capital, Goods, Information, and Specialists," prepared by Vedomosti business newspaper and members of the New Generation International Club of Young Economists with the participation of the Roscongress Foundation.
The report also noted that currency swaps and settlement facilities between the Bank of Russia and African central banks could serve as other effective instruments, with priority given to Egypt, Nigeria, Ethiopia, and South Africa.
The report’s authors point out that the shift away from currencies of unfriendly countries in settlements, along with the risk of secondary sanctions and the lack of direct correspondent banking relationships and ruble-denominated accounts, is keeping trade between Russia and African countries below its potential level.
Other challenges include high costs and delays associated with multiple currency conversions, the near-total absence of accessible direct currency conversion channels for small businesses, and a lack of hedging instruments for currency pairs.
Trade between Russia and African countries totaled approximately $27 bln in 2025. Under the pessimistic scenario outlined by the report’s authors, payments will continue to be routed through third countries at considerable cost through 2030, sanctions could tighten, and bilateral trade could reach $27-30 bln by 2030.