Putin Floats Russian Bank Cooperation With Africa’s PAPSS Network

Russian President Vladimir Putin proposed closer cooperation between Russian banks and the Pan-African Payment and Settlement System (PAPSS), bringing a cross-border payments network into discussions at the Russia-Africa summit in Moscow.

Putin raised the proposal Oct. 28 during a meeting with African regional organizations. PAPSS supports payments between African markets in local currencies. It was developed with Afreximbank and the African Continental Free Trade Area Secretariat, with African Union backing.

Putin did not name any Russian banks that might take part. He also announced no agreement or implementation date, leaving the proposal without a named participant or timetable.

At the summit’s Oct. 29 plenary, Putin called Russia and Africa “natural allies” and backed a larger African role in international decision-making. He said Russia-Africa trade exceeded $27 billion in 2025.

Putin also said Russia supplied Africa with more than 18 million metric tons of grain in 2025 and 13 million metric tons in the first nine months of 2026. He put fertilizer supplies at about 1.5 million metric tons in 2025 and more than 2.2 million metric tons in 2026 as of his remarks.

He said Russia had intergovernmental agreements on military and military-technical cooperation with 45 African countries.

The Russia-Africa summit took place in Moscow on Oct. 28 and 29. Delegations from 48 African countries attended, including 22 represented by a head of state or government.

African Union Commission Chairperson Mahmoud Ali Youssouf reiterated the bloc’s call for fair African representation on the United Nations Security Council.