Russia has expanded its list of countries whose banks can participate in its foreign exchange and derivatives markets, now including Nigeria, Tunisia, and Ethiopia. This move increases the total number of eligible nations to 40, encompassing both friendly and neutral states. The Russian government aims to enhance the efficiency of direct currency conversions and address the domestic economy’s demand for payments in national currencies. 

Previously, only Russian residents could engage in domestic foreign exchange trading, which limited liquidity and distorted the ruble’s exchange rate, especially amid increased demand for alternative currencies due to Western sanctions. By allowing more African banks to participate, Russia seeks to bolster liquidity in its currency markets and strengthen economic ties with these nations. This initiative reflects a strategic effort to diversify financial partnerships and reduce reliance on Western financial systems.