FBA EAC convened a meeting to discuss the prospects for trade and economic cooperation between the Russian Federation and the countries of the Indian Ocean

The meeting, held on May 21, 2026, at the FBA EAC headquarters, focused on the topic "Prospects for Trade and Economic Cooperation between the Russian Federation and the Countries of the Indian Ocean." 

The attendees included: Anna Bezdudnaya, CEO of FBA EAC and Editor-in-Chief of the FBA EAC Herald; Manish Kumar, Deputy Chairman of the FBA EAC Board and President of the Soltex Group; and representatives from Mozambique, including Hafundin Habibi, Technical Director of the energy company Solinec; Shahalan Humadi Sharif, CEO of MAYECHA Corporation; Zahir Hussein Mamod, President of the Komora platform; and Ingrida Kim, CEO of the Center for Cooperation with African Countries.

Key discussion points included:

• Export Potential: the countries of the Indian Ocean region, particularly the Comoros and Madagascar, possess significant agricultural resources for export to Russia, including vanilla, cloves, coffee, and high-quality essential oils.
• Financial Mechanisms: in the context of sanctions restrictions, the establishment of reliable payment channels remains a critical issue. Discussions are ongoing regarding the possibility of conducting settlements in rubles and collaborating through partner banks, such as Eximbank of India, financial institutions in Côte d'Ivoire, and Lebanese and Turkish banks.
• Institutional Cooperation: interested parties are exploring the establishment of representative offices and direct dialogue through relevant associations, with the support of the presidential administrations of partner countries.
• Tourism and Investment Climate: island states are keen to attract Russian investments in tourism infrastructure, although there remain certain restrictions related to the historical influence of former colonial powers, particularly France.
• Diplomatic Agenda: there has been an uptick in diplomatic contacts, including the announcement of the planned opening of an embassy by one of the region's countries in Russia, which is expected to provide a further foundation for the development of bilateral relations.