World
Russia’s Renewed Interest in Africa is to Restore Previous Influence—Shinn
By Kester Kenn Klomegah
In this special Eurasia Review interview, David Shinn, an adjunct professor at the Elliott School of International Affairs, a former U.S. Ambassador to Ethiopia and Burkina Faso, and served previously as a Director of the Office of East African Affairs in Washington, explained some aspects of Russia’s engagement with Africa as well as the upcoming Russia-Africa summit planned this October in Sochi. a southern coastal city of Russia.
Professor David Shinn spoke recently with Kester Kenn Klomegah from Eurasia Review and here are the interview excerpts:
How do White House administration and American politicians interpret currently Russia’s intensified re-engagement with Africa?
There has been minimal public comment by both the U.S. executive branch and U.S. Congress on Russia’s effort to intensify relations with Africa. Having said that, Africa has seldom arisen as a topic for discussion in the Trump administration. The U.S. national security policy under the Trump administration treats China and Russia as a global strategic competitor and this includes U.S. policy in Africa. The administration’s focus has been, however, on China and not much on Russia.
The United States is concerned about Russian activities in Africa, especially in the Central African Republic (CAR) where the private Wagner Group, which reportedly has close ties to the Russian leadership, has assigned about 400 mercenaries in support of the government. General Thomas D. Waldhauser, U.S. Commander of AFRICOM, told the U.S. Congress in March that “Russia is also a growing challenge and has taken a more militaristic approach in Africa.”
He added that “Russia has bolstered its influence with increased military cooperation including donations of arms, with which it has gained access to markets and mineral extraction rights. With minimal investment, Russia leverages private military contracts, such as the Wagner Group, and in return receives political and economic influence beneficial to them.”
Last March, U.S. Deputy Secretary of State, John J. Sullivan, at an investment luncheon in Angola commented that “Russia often utilizes coercive, corrupt and covert means to attempt to influence sovereign states, including their security and economic partnerships.” These quotations give you an indication of the degree to which the United States is skeptical of Russia’s role in Africa.
What could be the driving forces behind the new re-engagement, western and European sanctions or efforts to regain geopolitical influence in Africa?
I think Russia’s renewed interest in Africa is due to a desire to restore its previous influence and to build allies as it experiences growing criticism by Western countries. As China’s relationship with Russia strengthens, I will be watching for China-Russia collaboration in African countries. Really, I don’t think any non-African country “owes” Africa, but it is in the interest of all developed countries to support the economic development of Africa.
With other questions such as the practice of democracy, Russia does support whatever regime is in power. While this makes its policy predictable, it does not encourage good governance and democratic practices in those countries that are severely challenged in these areas. Many other countries follow this practice and even countries like the United States, which often do speak out forcefully on behalf of good governance, are not always consistent.
In practical terms, how is Russia cooperating with African leaders on sustainable development issues?
In its own way, Russia is trying to help Africa develop in a sustainable fashion, but it seems to want to make a profit in the process. Russian aid, trade, and investment in Africa, especially Sub-Saharan Africa, are modest. Russia’s relationship with North Africa is more significant. Nevertheless, Russia apparently wants to maximize the business relationship rather than the aid relationship. It is difficult to judge the degree of Russian cooperation with African leaders on these issues.
Russia already has plethoria of post-Soviet bilateral agreements that it is now implementing, with some degree of limitations, in various African countries. What ii your view about this?
It is easy to sign agreements, especially those that follow a similar format across the continent, but it is much more difficult to make them meaningful. Many countries follow this practice. If a country signs too many of these kinds of agreements, they lose all meaning.
How could African exporters and business people be encouraged to explore emerging opportunities in the Russian Federation?
Here Africa-Russia trade is not complementary. This is a problem for Africa, which has a lot of oil, gas, and minerals, which also exist in large quantities in Russia. According to the International Monetary Fund, Russian exports to Africa have been growing modestly and reached $18.5 billion in 2017. Russian imports from Africa have been flat and totaled only $2.1 billion in 2017. This was well below Turkey’s trade with Africa in 2017. Russian trade is heavily concentrated in North Africa, especially with Egypt. The problem is that Africa has little that Russia wants to buy. The best marketing strategy in the world will not change significantly this situation.
What could be the mutual benefits of the new relationship for both Africa and in Russia? Is Russia seen as a closed market for Africa?
The question is here that we assume African political and business elites have an open and positive mind concerning the benefits of this new relationship that Russia is trying to develop. Most of the burden is, however, on Russia. It will have to demonstrate that it can offer African countries more than it has done since the end of the Cold War. Russia is the largest seller of arms to Africa and is willing to sell to any country.
This gives it a certain advantage as many Western countries prohibit arms sales to a few countries. Russia has shown strength in Africa in niche sectors such as nuclear power development, launching African satellites, and constructing energy and mining projects. It may have to identify more sectors like this rather than compete head-to-head in a wide range of sectors with European Union countries, China, the United States, India, and others.
What could be the practical expectations when African leaders and corporate business people finally gather for the first Russia-Africa summit in Sochi, Russia?
It’s clear that Russia might not make any public financial commitment as many foreign countries have done over the years. But Russia needs to demonstrate that it has a plan to engage in Africa in a significantly greater way than it has in recent years. Over the past decade, there have been a number of high-level Russian visits to Africa that raised expectations only to be followed by little new engagement. I doubt that warm hospitality and good Russian food at Sochi will have much impact. If Russia fails to get beyond warm hospitality and good food, African leaders will probably make clear that they expect more from Russia’s intensified re-engagement. This could be a make or break opportunity for Russia in Africa.
Source: Eurasia Review
By Adedapo Adesanya
Credit ratings agency, S&P Global Ratings, has restored the African Export-Import Bank (Afreximbank) to investment grade, nearly 12 years after its last assessment, citing the entity’s countercyclical lending record and strong shareholder support.
The BBB+ rating with a stable outlook is one notch above Moody’s Baa2 and comes months after Afreximbank severed ties with Fitch Ratings.
The lender accused the agency of misjudging its mission, following a downgrade to junk status amid disagreements over the bank’s role in debt restructurings for Ghana and Zambia. Fitch subsequently withdrew its ratings entirely and flagged governance concerns.
S&P said in a statement on Thursday that Afreximbank’s record as a countercyclical lender and its substantial shareholder support served as rationale for its rating. Credit ratings often guide the costs of capital for a borrower.
The lender’s total assets, S&P noted, had expanded to $42.3 billion by the end of 2025, up from $7.1 billion in 2015.
S&P said it did not incorporate preferred creditor status into its assessment because Afreximbank provides almost 80 per cent of its loans to private-sector entities.
However, it acknowledged that Afreximbank, alongside other institutions, had experienced prolonged payment arrears in recent years, notably following the defaults and debt restructurings in Ghana and Zambia.
S&P noted that Afreximbank said in December that it had come to an agreement with Ghana on its $750 million loan, but that the lender had not announced a resolution with Zambia.
The agency warned that further sovereign restructurings could weigh on Afreximbank’s asset quality.
S&P’s assessment described Afreximbank’s governance and management as “adequate”, saying the inclusion of two independent directors and the African Development Bank (AfDB) as a permanent board member provided institutional oversight.
It noted that while increasing participation of private-sector investors through Class D shares could influence the bank’s risk appetite, Class A shareholders retained veto rights over big institutional changes, balancing potential risk.
By Adedapo Adesanya
Mr Elon Musk, the world’s richest man, is now a trillionaire as his SpaceX rose 11 per cent in its Nasdaq debut on Friday, lifting its valuation to about $1.96 trillion as investors piled into the world’s largest initial public offering (IPO).
The stock opened for trading at $150 compared with the IPO price of $135 per share.
The landmark listing cemented Mr Musk’s status as the first trillionaire ever and propelled SpaceX into the ranks of the world’s most valuable companies
The listing is being used as a benchmark of what is to come for the market ahead of forthcoming IPOs for AI heavyweights Anthropic and OpenAI.
The record IPO is a culmination of Mr Musk’s long-held ambitions in space and technology.
Most of Musk’s wealth now rests with SpaceX, where he holds a stake worth roughly $866 billion. Along with Tesla and the rest of his properties, his net worth will exceed $1.1 trillion when the stock begins trading on Friday.
At a quoted $75 billion, the deal’s proceeds were more than double those of Saudi Aramco’s record-setting 2019 IPO.
The valuation could rise further should underwriters exercise their right to sell additional shares, a decision typically made within 30 days after the offering.
Although SpaceX may have to wait for entry into the S&P 500, its expected fast-track inclusion in the Nasdaq 100 will soon make it a major holding for passive funds and ETFs that track the index, creating a fresh source of demand for its shares.
It will take about a month before it gets added to that index under Nasdaq’s new fast-entry rules, as opposed to a typical wait of as much as a year.
SpaceX said its market opportunity spans $28.5 trillion, a figure it called the largest in human history.
Mr Musk, 54, was born in Pretoria, South Africa, to a Canadian mother and South African father. He attended the University of Pennsylvania, graduating in 1997.
He took over as Tesla’s CEO in 2008. Beyond Tesla and SpaceX, Mr Musk has co-founded five other companies, including tunnelling startup The Boring Company and brain implant maker Neuralink.
By Kestér Kenn Klomegâh
Under the presidential decree, authorising an initiative to tap the best brains and professionals from abroad to integrate into Russian society, the Agency for Strategic Development plans to hold its first Bridge Awards, which honour the contributions of foreign citizens and repatriates who have made a definitive life choice in favour of Russia. The Bridge Awards was founded by entrepreneur Philip Hutchinson and public figure Guy Eames.
Launched in February 2026, the competition for the awards has attracted a lot of potential candidates from more than 40 countries competing for victory across 12 categories. The highest number of applications came from the United States, totalling 18. There are also a number of candidates from Europe, Asia, and Africa. The “Business” category proved to be the most geographically diverse, drawing applicants from 12 countries.
The Bridge Awards recognise the valuable contributions of foreign citizens and repatriates to the Russian society. It is also dedicated to raising awareness, recognising achievements, and building strong connections with the international community.
According to the official reports made available, among the winning applicants and world-renowned celebrities for the Business Category were Sammy Manoj Kotwani, President, Indian Business Alliance; President, SITA/Indian National Cultural Centre; President, Overseas Friends of BJP Russia; and Founder, Imperial Tailoring Company.
In this conversation, Sammy Kotwani talks about how he has lived and worked in Russia for more than three decades, his entrepreneurial achievements, and his contributions to Russian society. Here are the interview excerpts:
What really motivates you to participate in the first competition for Bridge Awards?
For me, the Bridge Awards are not only a competition. They are a recognition of a life journey. I have lived and worked in Russia for more than three decades. Russia gave me the opportunity to build my business, serve the Indian community, promote Indian culture, and create real business connections between India and Russia.
My motivation is very simple: I want to show that a foreign citizen can love Russia, respect its people, contribute to its economy, and at the same time remain deeply connected to his own roots and motherland.
Through the Indian Business Alliance, through cultural activities, through India–Russia business forums, through meetings with governors and regional leaders, my work has always been to build bridges — not only between governments, but between people, entrepreneurs, regions, cultures, and families.
So, when I heard about the Bridge Awards, I felt that this platform represents exactly what I have tried to do for many years: turn friendship into action, and respect into real cooperation.
You were selected by the Jury for the business category. What are the implications of this category?
Being selected in the business category is a very meaningful honour because business is where friendship becomes practical.
India and Russia already have strong political trust, historic goodwill, and a strategic partnership. But the real question today is: how do we convert this goodwill into trade, investment, joint ventures, logistics solutions, industrial cooperation, and regional development?
That is why the business category is important. It recognises those who are not only speaking about cooperation, but actually working on the ground to make it happen.
For me personally, it reflects the work of the Indian Business Alliance in connecting Indian entrepreneurs with Russian regions, supporting business missions, encouraging investment, discussing opportunities with governors, and identifying practical sectors such as textiles, pharmaceuticals, logistics, food processing, energy, technology, education, tourism, and skilled manpower.
This category is not only about personal achievement. It is about responsibility. It means we must continue to create platforms where Indian and Russian businesses can meet, trust each other, and build long-term partnerships.
Do you think the “Time to Live in Russia” programme has good future prospects for foreign citizens who choose to relocate and live in Russia?
Yes, I believe the “Time to Live in Russia” programme has strong future potential, provided it remains practical, transparent, and welcoming.
Many foreign professionals, entrepreneurs, investors, teachers, doctors, engineers, cultural workers, and skilled specialists are looking for countries where they can build a meaningful life. Russia has space, resources, education, culture, business opportunities, and strong regional potential.
But relocation is not only about visas or documents. A person who comes to Russia needs guidance, integration, language support, business orientation, community support, and confidence that he or she can build a stable future.
This is where such a programme can become very powerful. If it helps talented foreigners understand Russia better, settle smoothly, respect Russian society, and contribute to the economy, then it can become a serious instrument of international cooperation.
From the Indian perspective, I see strong potential. Many Indians are skilled in technology, medicine, education, trade, textiles, pharmaceuticals, engineering, hospitality, and entrepreneurship. If the right mechanism is created, India and Russia can benefit greatly from this human bridge.
How would you characterise the International Bridge Awards by the Agency for Strategic Initiatives and decreed by President Vladimir Putin?
I would characterise the Bridge Award as a timely and visionary initiative. In today’s world, countries need more than formal diplomacy. They need people who understand both sides, who can translate culture into trust, and trust into practical cooperation.
The Bridge Award gives recognition to such people — foreign citizens and repatriates who have chosen Russia not only as a place to live, but as a place to contribute.
For me, this award carries a very important message: Russia values those who sincerely work for its development, its international friendships, and its multicultural society.
The involvement of the Agency for Strategic Initiatives gives the award a serious institutional direction. It shows that this is not just a symbolic gesture, but part of a larger vision — to make Russia a place where international talent, entrepreneurs, cultural leaders, and public figures can participate in national development.
I believe this award can become a powerful platform for public diplomacy. It can show the world that Russia is open to sincere partners, serious professionals, and people who are ready to build, not just observe.
For me, as an Indian who has lived in Russia for many years, the word “bridge” is very personal. A bridge connects two banks. It allows people to cross, meet, understand, and build together. That is exactly what India and Russia need today—more bridges, more trust, more implementation, and more human connection.
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