Morocco finds itself among the more than 30 “friendly” and neutral nations designated by the Russian government, as the ongoing sanctions conflict with the West persists.
This development, which holds implications for the global financial landscape, comes in the midst of a sanctions war between Russia and Western nations.
The official list, which includes not only countries but also friendly banks and brokers, grants these entities access to the Russian foreign exchange market and the derivatives market. The order, a pivotal move in international finance, was formally approved by Russian Prime Minister Mikhail Mishustin and is now accessible on the government’s official website.
Among the countries are traditional allies, nations with a neutral stance toward Russia, and those actively bypassing international sanctions by facilitating Russia’s procurement of sanctioned goods on global markets.
Prominent among these nations are former Soviet republics like Azerbaijan, Armenia, Belarus, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan, which have historically maintained close ties with Moscow due to their economic dependence on Russia.
Additionally, African nations, including Algeria, have secured places on the list, indicative of Russia’s cultivation of strong historical relationships, its lack of colonial baggage, and the desire of African countries like Morocco to engage with Russia for the supply of essential resources such as metals, minerals, grains, oil, nuclear technology, and arms.
Significant BRICS members like India and China are also featured on the list.
Russia has been extending its reach into Asia, South America, and the Middle East as part of its BRICS+ initiative. These endeavors have led to enhanced relations with major oil-producing nations worldwide. The BRICS+ consortium now wields considerable influence, controlling a substantial portion of global oil production, and fostering thriving intra-BRICS trade.