President Vladimir Putin declared on Monday that Russia had forgiven more than $20 billion in debts to African countries.
The President said that Russia has written off more than $20 billion in debts owed by African countries.
He continued by stating that annual growth in commerce between Russia and African nations has brought the total to around US$18 billion at the end of the previous year.
According to Putin, developing new transportation and logistics networks and switching to national currencies in financial settlements will help the growth of countertrade turnovers.
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