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August 17, 2024 (Port Sudan) – Sudan and Russia are negotiating on using national currencies to settle bilateral trade, aiming to reduce dependence on foreign currencies, Sudan’s state news agency SUNA reported on Saturday.
A high-level delegation from Russia’s central bank met with Sudan’s central bank officials to discuss the move, which could boost trade between the two countries.
The talks also touched on the possibility of joint investments in areas such as precious metals, including gold. Sudanese and Russian banks could provide financing for such investments, according to the Sudan News Agency.
Although official data is sparse, bilateral trade between the two countries is estimated to be between $400 million and $500 million per year.
Sudan has been actively seeking Russian investment, particularly in gold mining, an industry shrouded in secrecy and allegations of corruption.
The two central banks also discussed establishing correspondent banking relationships and opening branches in each other’s countries to promote trade. In addition, the two countries plan to share financial and banking expertise, with a focus on adopting new technologies to enhance banking services.
Last February, Abdel Fattah al-Burhan, the head of the sovereign council, agreed to implement a deal to build a naval base on Sudan’s Red Sea coast. In exchange, he sought to boost economic ties between the two countries and increase military cooperation.
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