Russian President Vladimir Putin has accused Western countries of using debt, economic sanctions, and trade restrictions to maintain influence over African economies, warning that unfavourable financing conditions could undermine the continent’s development ambitions.
Addressing the third Russia-Africa Summit in Moscow on Wednesday, October 28, Mr. Putin alleged that some Western powers were imposing harsh conditions on African countries seeking financial assistance, leaving them with debt obligations that could divert resources from development priorities.
He accused Western countries of resorting to sanctions, tariffs, political pressure, and interference in domestic affairs to preserve their influence, warning that such practices could push African nations deeper into debt dependence.
“When they managed to enrich themselves at the expense of others, they resort to things as illegitimate sanctions, tariff wars, blackmail, and interference in the domestic affairs of others. They are also trying to run the Africans back into the debt abyss,” he said.
The Russian leader also drew attention to the continent’s limited manufacturing capacity and the relatively low level of trade among African countries, arguing that these challenges underscored the need for stronger regional economic cooperation.
According to him, manufacturing accounts for less than two per cent of Africa’s value addition, while only about 15 per cent of the continent’s estimated $1.5 trillion in annual trade takes place between African countries.
He pointed to the African Continental Free Trade Area (AfCFTA) as an important mechanism for expanding intra-African trade, strengthening industrial cooperation, and advancing economic independence.
Mr. Putin said the continental trade agreement was helping to shift the situation by creating opportunities for increased production and cooperation among African economies.
He argued that strengthening manufacturing and regional trade would be essential to reducing the continent’s dependence on external economic partners and improving its capacity to generate value from its resources.
Mr. Putin said Russia was prepared to share technological expertise, support infrastructure development, and expand agricultural cooperation with African countries.
