The event was preceded by two sessions with delegations from Venezuela and Brazil.

The director of the Latin American department of the Russian Ministry of Foreign Affairs, Alexander Schetinin, commented on Wednesday that progress has been made in the negotiations on the de-dollarization of trade between Latin American countries and the Russian Federation, which translates into a boost in the financial ties of the region with Russia.

The diplomat added that Russia has been holding talks on the transition towards alternative transactions with Cuba, Nicaragua, Venezuela, and the member countries of the BRICS. “This is a process of negotiations between banking and business entities […] on the search for the most acceptable and comfortable forms of interaction to ensure commercial and economic ties between our countries,” Schetinin said.

The signing of agreements will continue on the Forum’s second day and should reach nearly 900 accords by the end of the event on the 8th of June. According to the organizers, this will include 43 contracts with representatives of foreign companies.

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