According to Sudan’s official news agency SUNA on Saturday, negotiations are underway between Sudan and Russia to settle bilateral trade disputes in local currency in an effort to lessen reliance on foreign exchange.
Representatives from the Central Bank of Sudan and Russia met at a high level to deliberate the possible action, which might increase trade between the two nations.
Potential combined investments in industries like precious metals, particularly gold, were also discussed. According to SUNA, banks in Russia and Sudan might finance such projects.
Bilateral trade between the two countries is estimated to be between $400 million and $500 million annually, despite the lack of official data.
Sudan has been aggressively pursuing investments from Russia, especially in the gold mining industry. However, there have been accusations of corruption and a cloud of secrecy around this enterprise.
In order to promote trade, the central banks also talked about forming correspondent banking arrangements and operating branches in one another’s nations. They also intend to exchange banking and financial knowledge, with an emphasis on implementing new technology to improve banking services.
Abdel Fattah al-Burhan, the head of the Sovereign Council, gave his approval in April to carry out a deal pertaining to the construction of a naval facility on Sudan’s Red Sea coast. In return, he worked to deepen military cooperation and advance commercial relations between the two countries.
