Mozambican government admits buying Russian oil in rubles

Governo moçambicano admite comprar petróleo russo em rublos

The Minister of Mineral Resources and Energy admitted today the possibility of the African country buying Russian oil in rubles, if this option is feasible, after Moscow presented Maputo's willingness for such a mechanism.

"I am sure that we will study and verify the viability of this offer [from Russia], if there is viability, for sure [Russian oil] will be purchased" in rubles, said Carlos Zacarias quoted by Lusa.

Zacarias was speaking to the media today, on the sidelines of the seventh coordinating council of the Ministry of Mineral Resources and Energy, which is being held in Gaza province, southern Mozambique.

He pointed out that Mozambique's receptivity to the Russian proposal stems from the fact that the world is going through a "peculiar moment", characterized by a great volatility of crude prices in the international market, due to the Russia-Ukraine war.

In this sense, continued Carlos Zacarias, the Mozambican authorities' approach to the price of oil will be determined by the behavior of the international market.

Zacarias denied anticipating a possible next increase in fuel prices, in view of several increases that have already occurred this year.

"Regarding the change in fuel prices, it has to do with factors such as the variation in the international market, naturally, if this variation is above a well-defined level, then there may be a change in fuel prices," he said.

Moscow's proposal was put forward a week ago by the Russian ambassador to Mozambique, Alexander Surikov, after a meeting with CTA - Confederation of Mozambique's Economic Associations.

"The ruble and the metical are worthy currencies that can be used and do not need the benevolence of some other countries that control the international system," the Russian diplomat said at the time, adding that Moscow wants to strengthen cooperation with Maputo.

Mozambique was among the countries that abstained on two resolutions that went to a vote at the United Nations General Assembly: one condemning Russia for the humanitarian crisis in Ukraine due to the war and the other suspending Moscow from the Human Rights Council.

The Frente de Libertação de Moçambique (Frelimo, the ruling party) was an ally of Moscow during the time of the former USSR, receiving military support during the struggle against Portuguese colonialism and economic aid after independence in 1975.

According to data advanced by CTA, the annual volume of economic transactions between Mozambique and Russia were estimated to be at least 100 million dollars (98.5 million euros at the current exchange rate).

Russia launched a military offensive in Ukraine on February 24 that has killed more than 5,000 civilians, according to the UN, which warns that the actual number is likely to be much higher.

The Russian military offensive has caused more than 16 million people to flee the country, including more than 5.7 million out of the country, according to the latest UN figures.

Also according to the United Nations, 15.7 million people are in need of humanitarian assistance in Ukraine.

The Russian invasion was condemned by the international community at large, which responded by sending arms to Ukraine and strengthening economic and political sanctions on Moscow.

Share this article

Leave a Reply

Your email address will not be published.