Browsing: Russia

With its about 1.3 billion people, Africa is a potential market for all kinds of consumable goods and for services. In the coming decades, there will be an accelerated competition between or among the external players over access to the resources and for economic influence in Africa.
Despite the growth of external players’ influence and presence in Africa, says the report, Russia has to intensify and redefine its parameters as it has now transcended to the fifth stage. Russia’s Africa policy is roughly divided into four periods, previously after Soviet’s collapse in 1991.
The first historic summit in 2019 created a good basis for launching or ushering in a new fifth stage of Russian-African relations. The joint declaration adopted at the summit raised the African agenda of Russia’s foreign policy to a new level and so far remains the main document determining the conceptual framework of Russian-African cooperation.…

Oil prices have plummeted heralding a tough time ahead- at least in the foreseeable near future- for oil exporters in Africa.

The chaos started when Saudi Arabia and Russia disagreed over production cuts leading to the oil price war which has led to the huge oil price drops the last of which were witnessed the 1991 Gulf War.

This tiff came after Russia refused to cut production as requested by the Organisation of the Petroleum Exporting Countries (OPEC) due to the reduced oil demand occasioned by the Covid-19 coronavirus pandemic. With Saudi Arabia retaliating, the world is now experiencing the biggest drop in oil prices to around $30 per barrel.

Africa’s most affected sectors, hope for survival

While this is happening miles away from Africa, oil exporters on the continent have not been spared. Nigeria and Angola are particularly affected with their economies registering the negative effects of the slump …

The price for crude oil is down 60 percent since the year started and it is only tumbling further, global oil news reports.

On the one hand, analysts blame the ongoing coronavirus pandemic and on the other the price war between Saudi Arabia and Russia is said to have contributed to the sharp drop.

Even the movers and shakers are feeling the pinch, oil in the US plummeted 34%, crude oil falling by 26%, and brent oil falling 24%. Associated Press reports that prices this week dropped to an 18 year all time low of under USD20 a barrel for the US.

Speculators say it is the best time to invest, pessimists would have you shy away from taking the risk.

The idea is a simple business law, buy when prices are low and sell when prices peak, so technically, the advice to buy into the oil business now is …

Recently, Africa has enjoyed a lot of global attention. Overtures from partners all over the world have been relentless. Africa has had summits with China, Japan and Russia.

To take stock of the importance or lack thereof, it is politic to look at Africa’s continental vision and how international relations could help to realise it. The transformation of the Organisation of African Unity (OAU) into the African Union (AU) was not a mere exercise in shorter nomenclature; it signalled a break from some of the imponderable challenges that Africa could not solve through the OAU.

The AU said it differs from the OAU because it envisages “an integrated, prosperous, equitable and well-governed and peaceful United States of Africa, effectively managed by its own citizens and representing a creative and dynamic force in the international arena”. The First Strategic Plan of Action Horizon 2007 was meant to shape strategic relations with …

President Vladimir Putin hosted the first-ever Russia-Africa summit Wednesday and Thursday in the latest display of Moscow’s efforts to restore its geopolitical foothold on the continent after the fall of the Soviet Union.

Amid a deluge of memoranda of understanding and cooperation agreements, Russia clinched a series of trade agreements with some of the 55 African countries represented at the summit in Sochi.

Below is a list of military, energy and other deals made between Russia and African countries at the inaugural summit:

Military and politics:

— Russia signed a contract to supply 12 Mi-35 Hind E attack helicopters to Nigeria.

— Overall, Russia plans to send $4 billion worth of weapons to African countries in 2019, the state arms exporter said.

— Putin said Russia wrote off $20 billion of African countries’ debts that had accumulated during Soviet times.

— Putin has signalled readiness to help stabilize conflicts in …

More than 50 African leaders made their way to the Black Sea resort city of Sochi on Oct. 23-24 for the inaugural Russia-Africa summit.

The summit is widely seen as a reflection of Russia’s push for economic and military influence in Africa. More than 3,000 delegates from African countries and Russia are at the summit to discuss everything from nuclear energy to natural resources extraction.

All 55 African states sent a representative to the meeting, including 43 heads of state or government, according to Kremlin advisor Yuri Ushakov.

“We currently export to Africa $25 billion worth of food — which is more than we export in arms, at $15 billion. In the next four to five years I think we should be able to double this trade, at least,” Putin said.

Russian President Vladimir Putin met with his Egyptian counterpart Abdel-Fattah el-Sissi before the two leaders opened the first-ever Russia-Africa …

In late October, the Russian city by the Black Sea, Sochi will host the Russia-Africa Summit, co-chaired by President of the Russian Federation Vladimir Putin and President of the Arab Republic of Egypt Abdel Fattah el-Sisi, who also heads the African Union.

This is the first time such an event is being organized with growing interest from Moscow of trade, politics, and development of Africa, amid murmurs from US and allies on the role both Russia and China are playing in Africa.

The announcement which was made by Russia said special attention will be paid to the current state and prospects of Russia’s relations with African countries and to the expansion of the political, economic, technical and cultural cooperation.

Equally, it is planned to discuss a wide range of issues on the international agenda, including joint response to new challenges and threats, and the strengthening of regional stability. “At the …

Russia has been striving quietly to become a major player in Africa starting with diplomatic efforts on African countries the Soviet Union supported in liberation struggles…

While considerably new, Islamic Banking and Finance has now taken firm roots in Russia and other Commonwealth Independent States (CIS) countries are following suit.

The total volume of Islamic Banking and Finance has now exceeded $2.6 trillion globally. This amount represents transactions, assets and investments by over 2,500 Islamic banking and financial institutions around the global.

In the modern era, Islamic banking and finance can be traced back to the 1960s from Egypt and Malaysia and its dramatic spread over the Middle East, Africa and Europe. Interestingly, while Islamic banking and finance was slow to take foot in Commonwealth Independent States (CIS) countries, its unprecedented growth over the last few years indicates that CIS countries are the emerging Islamic banking and finance market for the future.

Some well known CIS countries include Russia, Armenia, Kazakhstan, Uzbekistan, Tajikistan, Kyrgyzstan, Turkmenistan and Azerbaijan.

“The delay for Islamic finance initiative in CIS countries …