What’s more, Russia’s trade with Africa dwarfs in comparison to its peers, representing only 5 percent of the European Union’s total trade with Africa, and no more than 6 percent of China’s total. And Africa imports five times more than it exports to Russia, a situation that has produced a $12bn trade imbalance. In October 2019, Russia pledged it would double its trade with Africa in five years but has failed to achieve its target. As a result of its illegal war in Ukraine, Russia’s economy contracted by 2.1 percent in 2022. Sixteen months later, Russia invaded Ukraine in direct contravention of that charter, plunging Africa into an economic crisis.

Source: Ethiopian News July 27, 2023 19:18 UTC