ST. PETERSBURG, July 28. /TASS/. Russian President Vladimir Putin called it unacceptable for former colonial powers to maintain monopolies in finance, technology and food in Africa. Such practices must be fought against, he said at a plenary session of the Russia-Africa summit.

"The retention of monopolies by certain countries in finance, technology, the digital space and food is unacceptable; this must be fought against. Many of those who are present here know that the Soviet Union [and] Russia have never proceeded from the [assumption ] that Africa is only a place to procure raw materials. The Soviet Union built numerous enterprises, power plants and steel mills across Africa. We must return to this practice. We will do this both on a bilateral basis and through international platforms," Putin said.

The second Russia-Africa Summit, along with an economic and humanitarian forum, is taking place in the Russian city of St. Petersburg on July 27-28. Similar to the first such event in 2019, the summit is being held under the rubric "For Peace, Security and Development." The event is being organized by the Roscongress Foundation. TASS, which is the official information partner and photo-hosting agency of the summit and forum, is also hosting the second Russia-Africa Media Forum.