To maintain trade with Morocco, Russia will resort to barter deals
Valerian Shuvavev, Russia’s ambassador to Morocco, has stated that his country is investigating barter transactions and the use of other currencies in order to maintain trade with Morocco.
In an interview with Spanish news agency EFE, he said it’s “possible to discuss barter operations as well as discover ways for mutual settlements using currencies other than the dollar and the euro, or national currencies.”
The Russian diplomat confirmed that trade between Morocco and Russia has been hit hard in recent weeks due to payment issues caused by the “exclusion of many Russian banks from the Swift financial transaction system.”
He emphasized that the sanctions imposed on Russia as a result of the country’s military “activity in Ukraine” had only impacted “fewer than ten of the 300 institutions that make up the Russian banking sector.”
Shuvavev expressed satisfaction with trade relations between his country and Morocco, claiming that Moroccan exports to Russia are “on the rise.”
He claimed a 10.8% increase in Moroccan exports to Russia in 2021 compared to 2020, stating that the value of the shipments had reached $435 million.
Food and agricultural raw materials, textiles, footwear, machinery, equipment, and automobiles, as well as minerals and metals derivatives, are the main topics of trade between the two countries.
Meanwhile, Russian exports to Morocco have grown at a “historic pace,” according to the Russian envoy.
He highlighted the fact that Russia’s exports to Morocco surged by 58.5 percent in 2021 over 2020.
Morocco imports mineral products, metals, and their derivatives from Russia, as well as food, agricultural raw materials, timber, and mechanical equipment, according to Shuvavev.
The Russian diplomat emphasized that his country is eager to collaborate with Morocco on a number of initiatives, particularly in the automotive and electric power industries, where Morocco is a regional leader in both.
Morocco and Russia have solid diplomatic relations, and the two nations engage regular political interaction and talks.
In the Kyiv-Moscow dispute, the North African country also maintains a neutral stance, emphasizing the need of political discussion in ending the ongoing conflict.