Russia has expanded its list of African countries eligible for currency trading in the country, adding Nigeria, Tunisia, and Ethiopia. This brings the total number of nations allowed to trade currencies in Russia to 40. The Russian government recently confirmed the inclusion of these countries, along with others such as Laos and Mexico.

The move is part of Russia’s efforts to bolster its economic system, particularly amid rising demand for its currency due to Western sanctions. The new directive is expected to improve the direct conversion of national currencies from friendly and neutral countries and help fulfill Russia’s demand for payments in rubles.

Previously, only Russian entities could participate in domestic foreign currency trading, which had limited liquidity and affected transaction volumes. This expansion aims to enhance market efficiency and stabilize the ruble’s exchange rate.

Russia had already added several African nations like Algeria, Egypt, Morocco, and South Africa to the list in September 2023. These efforts come amid global talks of de-dollarization, with Russia and other BRICS nations pushing for an alternative to the U.S. dollar in international trade. The U.S., however, has threatened to impose 100% tariffs on BRICS countries if they proceed with these plans, a move that Russia warns could have significant consequences.