Russia and Morocco can minimize the impact of Western sanctions against Moscow on their bilateral trade by bartering and using currencies other than the dollar and the euro, according to Russian Ambassador to Rabat, Valerian Shuvaev.
The Russian diplomat confirmed that trade between Morocco and Russia has been hit hard in recent weeks, due to payment problems caused by “the exclusion of many Russian banks from the Swift financial transaction system.”
He pointed out that the sanctions imposed on Russia because of the country’s “military activity in Ukraine” have only impacted “less than ten of the 300 institutions that make up the Russian banking sector.”
Shuvaev said he was “satisfied” with trade relations between his country and Morocco, adding that Moroccan exports to Russia are “increasing.”
The diplomat said there was an increase of 10.8% of Moroccan exports to Russia in 2021 compared to 2020, saying that the value of shipments reached 435 million dollars.
Goods, agricultural raw materials, textiles, footwear, machinery, equipment, and automobiles, as well as minerals and metal derivatives, are the main goods of trade between the two countries. Meanwhile, Russian exports to Morocco have increased at a “historic pace,” according to the Russian envoy.
He highlighted the fact that Russian exports to Morocco jumped 58.5% in 2021 compared to 2020. Morocco imports mineral products, metals and their derivatives from Russia, as well as food, agricultural raw materials, wood, and mechanical equipment, according to Shuvaev.
The Russian diplomat stressed that his country is eager to collaborate with Morocco on a number of initiatives, especially in the automotive and electrical energy industries, where Morocco is a regional leader in both cases.
Morocco and Russia have strong diplomatic relations, and the two nations have regular political interactions and discussions. In the conflict between Kiev and Moscow, Morocco also maintains a neutral position, stressing the need for political discussion to end the ongoing conflict.
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