Page 60 - bneIntelliNews monthly country report Russia May 2024

and China hit a record $240bn, driven by Chinese imports of Russian oil and Chinese exports of cars, industrial equipment and electronics. The US secondary sanction threat “means that trade settlement takes longer and Russia’s importers increasingly have to rely on nations in central Asia to facilitate this trade,” Bloomberg Economics Russia economist Alexander Isakov believes.
Africa doubled its imports from Russia in 2023 Last year, this continent accounted for 5% of total Russian exports. Russia mainly sells wheat, petroleum products, chemicals, and equipment to Africans. The main trading partners on the continent are Egypt (28% of supplies), Algeria (20%), Senegal (8%), and Morocco (8%). In the future, trade turnover with Africa could significantly increase. The market on the continent is rapidly developing, and according to demographers, the number of consumers there will increase by 200mn people by 2030.
● Products
US Senate approves ban on Russian uranium imports. The U.S. Senate on April 30 voted unanimously to approve legislation banning imports of enriched uranium from Russia. The legislation will now advance to the White House, where U.S. President Joe Biden must sign the bill in order for it to become law.
60 RUSSIA Country Report May 2024 www.intellinews.com