The Russian ambassador in Rabat, Valerian Shuvaev, has made proposals to allow his country and Morocco to circumvent Western sanctions against Moscow on trade.
Russia and Morocco can minimize the impact of Western sanctions against Moscow on their trade by resorting to barter and using currencies other than the dollar and the euro, the Russian diplomat explained in an interview with the agency. Spanish press Efe. According to him, it is possible to discuss barter transactions as well as find solutions for mutual settlements using other currencies, except the dollar and the euro, or national currencies.
Valerian Shuvaev acknowledges that the exclusion of several Russian banks from the Swift financial transaction system has damaged exchanges. He spoke of “difficulties” of payment. However, this measure only affected “less than ten of the 300 banks that are part of the Russian banking system”, he pointed out.
The Russian diplomat also said that Moroccan exports to Russia show a positive trend. In 2021, they experienced an increase of 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 experienced “record growth”. They had increased by 58.5% at the end of 2021 compared to the previous year, exceeding 1.2 billion dollars, the best figure among all African countries, rejoiced Valerian Chouavev.
