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Join on Telegram Rabat – Russia’s ambassador to Morocco Valerian Shuvavev has said that his country is considering barter deals and the use of other currencies to preserve trade with Morocco.
He told Spanish news agency EFE in an interview that it is “possible to discuss barter operations as well as find solutions for mutual settlements using other currencies, except for the dollar and the euro, or national currencies.”
The Russian diplomat acknowledged challenges that Morocco-Russia trade has been faced with serious challenges in recent weeks because of payment difficulties due to the “exclusion of several Russian banks from the Swift financial transaction system.”
He stressed that the sanctions imposed on Russia in response to the country’s military “intervention in Ukraine” have affected “less than ten of the 300 banks that are part of the Russian banking system.”
Shuvavev expressed satisfaction with trade between his country and Morocco, saying that Moroccan exports to Russia “show a positive trend.”
He reported a 10.8% increase in Moroccan exports to Russia in 2021 compared to 2020, noting that the exports’ value has reached $435 million.
Trade between the two countries mainly covers food and agricultural raw materials, textiles, footwear, machinery, equipment and vehicles, as well as minerals and metals derivatives.
Meanwhile, Russian exports to Morocco have also experienced a “record growth,” the Russian ambassador said.
He emphasized that Russia’s exports to Morocco increased by 58.5% in 2021 compared to 2020.
Morocco imports from Russia mineral products, metals, and their derivatives, food products, agricultural raw materials, wood, and machinery equipment, Shuvavev explained.
The Russian diplomat stressed that his country is keen to develop several joint projects with Morocco, particularly in the automotive and electric power sectors as Morocco is considered a regional leader in both sectors.
Morocco shares good diplomatic relations with Russia, with the two countries holding political dialogue and consultations on a regular basis.
The North African country is also maintaining a neutral position in the Kyiv-Moscow conflict, emphasizing the importance of political dialogue to end the ongoing war.
