Russia-Africa summit: Here's what Vladmir Putin and Moscow stands to gain
This handout photograph taken and released by RIA Novosti on June 17, 2023, shows Russian President Vladimir Putin (left) shaking hands with South Africa's President Cyril Ramaphosa (right) ahead of a meeting with delegation of African leaders at the Constantine (Konstantinovsky) Palace in Strelna, outside Saint Petersburg. Russia's President Vladimir Putin will not attend a BRICS nations summit in South Africa in August, South Africa's presidency said on July 19, 2023 ending months of speculation.
Forty-three African heads of state attended the 2019 Russia-Africa summit. They had high hopes that Russia would emerge as a new source of investment and trade for the continent. Russian President Vladimir Putin promised to double Russian trade with Africa in five years to US$40 billion.
Since then, Russian trade with the continent has contracted to US$14 billion. It is lopsided, with Russia exporting seven times as much as it imports from Africa. Additionally, 70% of this trade is concentrated in just four countries: Egypt, Algeria, Morocco and South Africa.
