Russia expands its currency trading list to 40 countries, adding Nigeria, Tunisia and Ethiopia

The Kremlin has announced the expansion of the list of “friendly and neutral” African countries whose banks may now trade currencies and derivatives in Russia.
By adding Nigeria, Tunisia and Ethiopia to the list, “the number of friendly and neutral countries whose credit institutions and brokers will be allowed to trade on the Russian foreign exchange market and the derivatives market, has increased to 40,” the Russian government said in a statement on Sunday (2 February). Up until recently, only Russian residents were allowed to participate in domestic foreign exchange trading, but their limited ability to supply sufficient liquidity in national currencies restricted transaction volumes and distorted the ruble’s exchange rate.
It was this limited capacity of Russian individuals to provide enough liquidity in national currencies that drove the expansion. The initial list approved by the Russian government in September 2023 included more than 30 countries, including Algeria, Egypt, Morocco and South Africa. The BRICS group of nations have been actively pushing toward de-dollarization, aiming to create a more centralized trading system that is less reliant on the dollar. US president Donald Trump has recently reiterated his threat to impose 100% tariffs on BRICS countries, should they continue to push for de-dollarization. The Kremlin has responded to these threats by warning Washington that any attempt to coerce countries to use the greenback would result in unexpected repercussions.