World
Russia’s Gazprom to Support Africa Despite Financial Losses
By Kestér Kenn Klomegâh
At least, the foreign media broke the news in early May. And it may be understandable why local Russian media was quiet over the impact of Western and European stringent sanctions on Russia’s state-run gas corporation Gazprom, often described as the eternal life-wire of Russia’s economy. While Russian officials vehemently maintain that the government can withstand all negative steps being taken to cripple the economy, the latest reports detailing the net financial losses of Gazprom could also have desperate implications for Russia-African economic cooperation.
Bloomberg, Reuters, Agence France Press, British Broadcasting Corporation, Al-Jazeera and many other mainstream media wrote right after the report was released that Kremlin-owned gas giant Gazprom plunged to a net loss of 629 billion rubles ($6.9 billion) in 2023, its first annual loss in more than 20 years, as sales to Europe plummeted in the wake of Russia’s ‘special military operation’ in Ukraine. As a result of its actions in the neighbouring Ukraine, Russia has come under serious sanctions since then.
According to this author’s monitoring and analysis, Russia’s Gazprom has signed several bilateral agreements to leverage the various sectors, including energy and infrastructure and to engage in economic transformations across Africa. There has been that long-held resonating perception about Gazprom’s preparedness to support development trajectories, attempt the prompt realization of African energy dreams, and ensure sufficient energy to drive industrialization and in the process add immense value to the agricultural production in the continent whose population estimated at over 1.4 billion.
During the first and second Russia-Africa summits, Gazprom renewed its agreements with many African countries. The official pronouncements and discussions pushed the resonating message that Gazprom’s cooperation would promote energy stability, and share experience and technology with African countries it had signed bilateral agreements.
The chairman of the Russia-Sudan Business Council of the Russian Chamber of Commerce and Industry, Viktor Chemodanov, in an interview with Interfax Information News Agency in August 2023, stressed that Russian companies have become increasingly interested in energy and industrial projects in African countries over the past year. Gazprom, for example, has huge opportunities to address an acute shortage of electricity in Africa.
“There is oil there, but they don’t know what to do with it. In the exploration and extraction of oil and gas, colossal investments are needed in creating clusters. Gazprom and Gazprom Neft have projects, Lukoil is interested…both have oil extraction technology, and oil and gas equipment and we’re prepared to offer them,” Chemodanov underscored in the published interview.
In a similar argument, Russian ambassador Ilya Rogachev was quoted as saying in July 2023 that Gazprom’s experience in implementing liquefied natural gas and gas pipeline construction projects could be of interest to South African partners, and many others across Africa. Then an official media release listed potential beneficiary countries as Algeria, Angola, Ghana, Egypt, Equatorial Guinea, Kenya, Mozambique, Namibia, Nigeria, Tanzania and South Africa.
“Greater use of natural gas will help Africa solve a whole range of problems, from economic to social and environmental. We believe that Africa should fully discover the advantages of this fuel for itself,” the head of Gazprom’s foreign economic activities department, Dmitry Khandoga said during discussions. “We see potential in cooperation with African countries and can offer our unique experience and technological know-how. Gazprom is open to discussing constructive and mutually beneficial proposals that would facilitate economic development and improve the lives of people in African countries.”
The Russian-Angolan intergovernmental commission, for instance, also highlighted the Russian Ministry of Natural Resources and Environment in collaboration with Gazprom Neft has expressed high intention of developing joint projects with Angola.
The chairman of the African Energy Chamber, NJ Ayuk has reiterated that more than 600 million people in sub-Saharan Africa lack electricity. Meanwhile, experts estimate that Africa will account for more than 60% of global population growth by 2050. Along with urbanization in the region, there is expected to be substantial economic growth, which will be accompanied by a twofold increase in energy consumption. Demand for natural gas is expected to grow by 150%. In Africa, which needs industrialization, affordable and abundant natural gas will help create many new jobs and opportunities for capacity building, economic diversification and growth, according to NJ Ayuk.
Long before the two Russia-Africa summits, the above narratives abound in reports on collaboration in the energy sector. Speeches and statements pointed to the fact that Russia stands for a steadfast genuine economic partnership with Africa. But now, reliable information emerging indicates Gazprom is likely to defer potential projects in many African countries. According to the latest report from the Russian Ministry of Energy acknowledges the inextricable steps in addressing the unprecedented magnitude of energy challenges facing African countries in the continent.
Russian Foreign Ministry officials, however, declined questions about whether Russia will be ready to continue within the framework of the agreements. But at this same time, several separate interviews show that African leaders are wary of the likely impact and consequences of Gazprom’s financial status, the company was declared as making losses since 2023. Undoubtedly, such significant huge losses “clearly have both political and economic implications” for Africa. Due to its large projects, Africa is likely to hold (suspended) until the situation improves in future.
Gazprom has a long chequered history. President Vladimir Putin, to a large degree, controls the Gazprom. Putin fired Viktor Chernomyrdin from his position as the Chairman of the Gazprom board. In his place are Viktor Zubkov and Alexei Miller. Following Russia’s ‘special military operation’ in Ukraine since late February 2022, the threat by Russia of reducing the supply of gas to Europe risked the Gazprom export market. It has diverted supplies to the Asian region, especially to China and India.
The revenue of Gazprom, whilst initially supported by high prices collapsed in 2023 resulting in a trading loss and the need to increase the price in the domestic market by 34% over 3 years. Gazprom has also opened itself up to compensation claims for failure to supply gas under long-term contracts. On 31st March, Putin signed a decree − decree 172, requiring payment to be made by alternate means.
By Aduragbemi Omiyale
Accessing the US Dollar in the East Africa region has now been made easier with the expansion of the stablecoin settlement infrastructure of SCRYPT.
This development enables banks, payment providers and corporate treasury teams to move value into and out of the continent in real time.
Businesses paying international suppliers frequently have to convert local currency into USD before purchasing stablecoins for settlement, incurring FX conversions and spreads before any payment is made.
But SCRYPT is eliminating this intermediate conversion by enabling direct settlement corridors for local African currencies into stablecoins.
This development allows businesses to move from local currency to stablecoin settlement in a single licensed transaction, without first sourcing rationed bank dollars, as stablecoins are increasingly becoming settlement infrastructure rather than an investment product.
The expansion adds settlement support across four African currencies: the Kenyan shilling (KES), Tanzanian shilling (TZS), Rwandan franc (RWF) and Ugandan shilling (UGX). Each corridor is delivered through the same full-stack infrastructure our clients already use for trading, custody and treasury operations.
Speaking on this, the chief executive of SCRYPT, Norman Wooding, said, “Across Africa, stablecoin adoption is driven by economic need, not speculation.
“Businesses here are not chasing yield; they are trying to pay suppliers and manage treasury without losing margin to a banking system that rations dollars. Licensed, fair-rate dollar access is the clearest proof of what this infrastructure is for.”
Also commenting, the Managing Director of Markets & Trading at SCRYPT, Mr Gabriel Titopoulos, said, “Until now, reaching stablecoins from local African currencies meant buying scarce dollars and incurring several layers of conversion costs.
“SCRYPT removes this friction. Firms and payment providers can now settle straight from local currencies through live corridors, with local partners.”
World
African Graduates Association Promoting Multifaceted Initiatives With Russian Educational Institutions
By Kestér Kenn Klomegâh
In preparations for the third Russia-Africa Summit, scheduled for late October 2026, Dr Francois Ngan, deputy chairman of the Union of Associations of African Graduates of Soviet and Russian Universities, during an official working visit, has held a consultative meeting with Professor Vladimir Filippov, the President of the Russian University of Peoples’ Friendship (RUDN), and former Minister of Higher Education of Russia, Chairman of the National Commission for Accreditation of Higher Education.
RUDN is an educational institution established in 1960, primarily to provide higher education to Third World students. It has now become a popular multidisciplinary spot for many students, especially from developing countries. The university offers various academic programmes and has research infrastructure that comprises laboratories and interdisciplinary centres. The university is named after the former Congolese leader, Patrice Lumumba.
Dr Francois Ngan and Professor Filippov discussed the importance of the Graduates Association as a continental platform dedicated to strengthening unity, cooperation, and promoting shared progress among African graduates who studied in the former Soviet Union and in the Russian Federation. They also reviewed multifaceted initiatives that could bring together alumni associations from across Africa, whose members obtained education and professional training, and cultural experiences in Soviet and Russian institutions of higher learning.
Professor Filippov expressed optimism in addressing emerging challenges as a result of shifting geopolitical changes, emphasised strategic cooperation in the educational sphere with Africa, in general, and with the Republic of Cameroon, in particular, and further about the integration of African students during their studies in the Russian Federation.
The meeting also touched on academic and scientific work, the possibility of rewriting a scientific thesis, and the official organisation of transferring versions translated into six languages for the library of RUDN. Significant questions relating to Russia’s educational opportunities, collaborations and partnerships involving African countries were thoroughly discussed.
The Union of Associations of African Graduates of Soviet and Russian Universities was created under one continental umbrella to promote friendship, for professional networking, to engage in cultural exchange, and with particular emphasis on forging strategic cooperation between Africa and Russia.
World
Russia to Support Industrial Growth, Technological Advancement and Supply Chain Resilience across Africa
By Kestér Kenn Klomegâh
With the heightening of geopolitical rivalry and competition, a new Russia-Africa working group has emerged as a significant institutional mechanism and plans to focus on facilitating and monitoring strategic investments, industrialisation, and infrastructural development—the Strategic Action Plan 2023-2026—that was outlined during the second Russia-Africa summit, in St.Petersburg, the second largest city in the Russian Federation.
While substantial progress has, largely, lagged on the multidimensional economic front with Africa primarily due to its internal difficulties and the complexity of relations with its former Soviet neighbours, Russian officials believe there still remains huge untapped potential in strengthening bilateral cooperation. As planned, President Vladimir Putin has already signed an executive order that directs Moscow to host the forthcoming third Russia-Africa summit in October 2026.
On June 30, a regular meeting of the Business Council on Africa was held under the chairmanship of the head of the Russian Foreign Ministry. It was dedicated to issues of trade, economic and investment cooperation with Africa. The group discussed the current state and prospects for the implementation of policy initiatives with an emphasis on assisting the countries of the continent, strengthening their economic, energy, technological and food sovereignty, as well as training specialists for Africa.
Foreign Minister Sergey Lavrov has reiterated that Russia-Africa relations primarily depend on an understanding of the importance of collective action based on the principles of equality, mutual respect and resolving common tasks. In the past few years, Russia-Africa cooperation has been noticeably strengthening. “We are deepening political dialogues, developing bilateral contacts with African countries, promoting cordial cooperation between ministries and departments, and expanding humanitarian exchanges. We are also continuing the structural diversification of trade partnerships and economic dimensions.”
“Next on the agenda is the launch of diplomatic missions in The Gambia, Liberia, Togo, and the Union of the Comoros,” Lavrov said at a meeting of the Business Council under the Russian foreign minister. Lavrov noted that Russian embassies began operating in three other African countries in 2025: Niger, Sierra Leone, and South Sudan. A new Department for Partnership with Africa was also established. According to the top diplomat, “expanding Russia’s diplomatic presence on the continent contributes to developing relations.”
There are already 45 Russian embassies operating in Africa. The Russian foreign minister noted that Moscow is quickly rebuilding its presence in African countries, which sharply declined during the collapse of the Soviet Union. “There will be literally four or five countries left where we still need to establish full-fledged embassies, and then, we will have 100 per cent coverage of the entire African continent with our diplomatic presence,” Lavrov emphasised.
After the first summit in October 2019, the Foreign Ministry also created the Secretariat of the Russia-Africa Partnership Forum. Its main tasks include controlling the roadmap to Africa’s multidimensional cooperation and guiding potential Russian investors to the continent. This also underscored the priority and post-Soviet solidarity Russia currently attaches to its policy towards Africa, within the growing framework of the emerging new architecture of multipolarity in the Global South.
In an interview in June 2026, the director of the Department of Partnership with Africa at the Foreign Ministry, Tatyana Dovgalenko, shared a few insights in the lead-up to the third summit. Furthermore, Dovgalenko explained that Russia would move away from security to concentrate more on economic issues, especially to team up with African colleagues to streamline mechanisms for implementing projects that will ensure food security and agriculture, and help Africa in installing processing facilities to support its self-sufficiency. She also emphasised energy and vital infrastructures, and the third direction was to simultaneously work more coherently with sub-regional organisations.
Over the past few years, bilateral relations have been increasing. There are positive dynamics in trade turnover, estimated at $30 billion. Steps are being taken to build payment systems, preferably in national currencies, while Russia looks to open four more diplomatic offices, bringing the total to 48 across Africa. Russia is currently training 37,000 African students, but only approximately 1/3 on state scholarships in Russia’s educational institutions. “We are ready to share valuable experiences of building a sovereign development model with African partners to achieve self-reliant economic growth based on their own resources and capabilities. Russia aims at creating processing capabilities and localising production, and provides access to advanced technological solutions,” underlined Dovgalenko in her interview with New Eastern Outlook.
For African countries that have endured difficult decades on the path to political independence, it is now important to take full control over the untapped resources, direct income and revenue toward stimulating the national economic sector, rather than paying for the well-being of the Western “golden billion” during this changing geopolitical era, according to Dovgalenko.
According to reports, the forthcoming Russia-Africa summit will have an economic agenda, including the digital economy, technology, artificial intelligence, healthcare, investment, and settlements in global trade. Of course, the agenda will also cover Africa’s political aspects. But if African friends bring along any specific ideas, Russia will give them serious attention. In addition, with continuity and consistency, pay increased attention to expanding ties with Africa’s regional integration associations.
Going forward, the focus will be on translating strong trade relations into deeper investment partnerships, fostering technology collaboration, strengthening industrial linkages and contributing towards the shared objectives set by the leadership of both African countries and Russia. At the third summit, the above-mentioned specific initiatives will be further designed. In this regard, the key document, the new action plan for the next three-year period (2027-2029), is intended to reflect dynamic realities in the future relations of Russia and Africa
