The West pushing Africa back into debt abyss – Putin

Russian President Vladimir Putin has accused Western countries of using debt, economic sanctions and trade restrictions to maintain influence over Africa, warning that harsh financing conditions could undermine the continent’s development. Speaking at the third Russia-Africa Summit in Moscow on Wednesday, October 28, Mr Putin accused Western powers of pressuring African countries into financial arrangements that could divert resources from development priorities to debt repayment.

Delegations from 48 African countries are participating in the two-day summit, which runs from October 28 to 29, with discussions covering trade, investment, security, agriculture, technology and other areas of cooperation. Mr Putin placed debt sustainability, industrialisation and economic sovereignty at the centre of his address, arguing that African countries needed greater control over their economic decisions and natural resources.

He said some Western countries were imposing unfavourable conditions on African nations seeking financial assistance, leaving them with obligations that could constrain their development plans. “When they managed to enrich themselves at the expense of others, they are resorting to things as illegitimate sanctions, tariff wars, blackmail, interference in the domestic affairs of others.

They are also trying to run the Africans back into the debt abyss. “They are trying to impose resources on them, but on terrible terms, which are tantamount to robbery. And the African countries have to repay these debts to the detriment of developmental plans,” he said. The Russian president also criticised the use of tariffs, sanctions and other forms of economic pressure, arguing that such measures were being deployed to preserve external influence over African economies.

Putin calls for increased intra-African trade Mr Putin highlighted what he described as limited industrial development and low levels of trade among African countries as major obstacles to the continent’s economic independence. He said manufacturing value addition in Africa remained below 2 per cent, while only about 15 per cent of the continent’s estimated US$1.5 trillion in annual trade took place between African countries.

“Right now, the added value in manufacturing of Africa stands at less than 2 per cent, whereas the overall trade of African countries amounts to $1.5 trillion U.S. dollars. And just 15 per cent is accounted for by the transactions within the African continent. “And yet the situation is shifting thanks to the success of the AfCFTA. A contribution is made to production and cooperation in industry to gain economic independence,” he stated.

He pointed to the African Continental Free Trade Area (AfCFTA) as an important mechanism for expanding regional commerce, strengthening industrial cooperation and reducing Africa’s dependence on external markets. The summit also provides a platform for Russia to deepen its economic and political engagement with African countries, as Moscow seeks to expand cooperation in trade, technology, energy and security.

Russia offers to expand agricultural and technology cooperation Mr Putin said Russia was prepared to share technological expertise with African countries, support infrastructure development and expand cooperation in agriculture. He disclosed that Russia had supplied approximately 13 million tonnes of agricultural products to Africa during the first nine months of 2026, adding that more than 40 African countries had received Russian grain and fertilisers.

He also said Russia was supporting efforts to improve Africa’s debt situation through joint programmes designed to provide financing for economic growth. “Russia is helping improve the debt situation in Africa. We have a number of joint programmes with a number of African countries. And these programmes are meant to lend money to finance growth,” he said.

The Russian president further called for African countries to have a stronger voice in international financial institutions, including the International Monetary Fund (IMF) and the World Bank. He argued that the institutions’ decision-making structures should better reflect the interests and priorities of developing economies. The summit forms part of broader efforts by Russia and African countries to expand diplomatic and economic cooperation.

Its discussions are expected to address ways to strengthen trade and investment ties, support industrial development and increase collaboration in technology and other strategic sectors.