24 October 2019

 

Predictions

  • Russia-Africa summit and Gulf visits indicate President Putin will seek to step up foreign policy outreach to diversify economic relationships
  • Russia will not supplant US influence in Gulf due to depth of…
  • Economic benefits of expanding foreign ties will not be…

 

Analysis

The inaugural Russia-Africa Summit and Economic Forum was held in Sochi between 23 and 24 October. More than 40 African leaders attended the event, during which President Putin called for trade with the continent to double by 2024. The summit followed Putin’s first visits to Saudi Arabia and the UAE since 2007 on 14 and 15 October respectively, during which he signed deals worth USD 3.3 billion in total with the two countries, covering a range of sectors including agriculture, transport and energy. For instance, Saudi Aramco will acquire a 30% stake in Novomet, a Russian oil equipment manufacturer, while the Abu Dhabi National Oil Company will sell a 5% stake in the Ghasha gas project to Lukoil, a major Russian energy firm.

Russia has steadily increased its economic ties with African countries in recent years, and its exports to the continent reached USD 20 billion in 2018, around…

Russian President Vladimir Putin

 

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