IBOV 176,010.90 ▼ 0.36% IPSA 10,947.38 ▼ 0.70% IPC MEX 66,409.65 ▼ 0.18% MERVAL 3,291,246 — 0.00% COLCAP 2,292.03 ▼ 0.29% BVL PERÚ 57,174.37 — — USD/BRL5.10▲ 0.43% USD/MXN17.44▲ 0.34% USD/CLP927.20▲ 0.13% USD/COP3,219▼ 1.27% USD/PEN3.39▲ 0.09% USD/ARS1,476▼ 0.03% USD/UYU40.18▲ 1.21% USD/PYG6,030▲ 1.35% USD/BOB10.63▲ 3.73% USD/DOP58.14▼ 0.19% USD/CRC447.87▲ 1.07% USD/GTQ7.62▲ 2.25% USD/HNL26.73▲ 0.09% USD/NIO36.62▲ 0.34% USD/VES725.63▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.49▲ 0.31% USD/TTD6.75▲ 1.34% EUR/BRL5.84▲ 0.59% BRENT 85.53 ▲ 0.68% WTI 80.05 ▲ 0.57% IRON ORE 161.91 — — COPPER 6.36 ▲ 1.12% GOLD 3,990 ▼ 1.34% SILVER 56.12 ▼ 1.74% SOY 1,200 ▼ 0.23% CORN 467.50 ▲ 4.47% WHEAT 675.50 ▼ 0.30% COFFEE 319.55 ▼ 4.46% SUGAR 14.48 ▼ 2.49% ORANGE JUICE 136.10 ▼ 1.98% COTTON 79.83 ▼ 0.91% COCOA 5,563 ▼ 3.03% BEEF 225.53 ▼ 2.00% CATTLE 349.38 ▼ 0.16% LITHIUM 69.16 ▼ 2.67% PETR4 40.84 ▲ 0.62% VALE3 73.38 ▼ 1.52% ITUB4 42.86 ▼ 0.65% BBDC4 18.28 ▼ 1.72% ABEV3 15.52 ▼ 0.32% BBAS3 20.69 ▲ 0.68% B3SA3 15.25 ▼ 2.80% WEGE3 44.02 ▼ 0.54% PRIO3 57.73 ▲ 0.40% SUZB3 41.66 ▲ 0.43% RENT3 40.00 ▼ 0.87% AZZA3 18.48 ▼ 0.96% CSAN3 3.89 ▼ 1.02% RAIZ4 0.30 ▲ 3.45% PCAR3 2.63 ▲ 0.38% GMAT3 3.91 ▼ 1.76% PSSA3 54.82 ▼ 0.72% CVCB3 1.36 ▲ 1.49% POSI3 3.88 ▼ 1.77% SLCE3 13.59 ▲ 0.67% NATU3 8.54 ▼ 1.50% BRKM5 6.38 ▼ 0.47% RANI3 7.98 — 0.00% CSNA3 5.15 ▼ 1.72% CMIN3 5.34 ▲ 1.91% USIM5 8.22 ▲ 0.24% GGBR4 24.08 ▼ 0.50% ENEV3 26.34 ▼ 2.26% CPFE3 46.30 ▼ 1.13% CMIG4 11.07 ▼ 0.72% EQTL3 39.64 ▼ 1.71% LREN3 13.71 ▼ 2.77% VIVT3 35.27 ▼ 0.56% RAIL3 13.97 ▼ 0.71% KLABIN 17.37 ▼ 0.12% RAIA DROGASIL 18.62 ▼ 0.27% RDOR3 35.55 ▼ 1.28% HAPV3 10.90 ▼ 0.82% FLRY3 16.44 ▼ 0.42% SMTO3 15.74 ▲ 1.35% UGPA3 31.43 ▲ 1.06% VBBR3 33.63 ▼ 0.36% BBSE3 40.77 ▲ 0.15% BPAC11 56.50 ▼ 0.95% CURY3 32.05 ▼ 2.08% AERI3 2.04 ▲ 0.99% VIVARA 23.14 ▼ 1.62% COMPASS 24.82 ▼ 1.15% VAMOS 3.11 ▼ 0.32% SANB11 26.48 ▼ 1.93% ASAI3 8.68 ▲ 0.23% SBSP3 29.50 ▼ 1.60% WALMEX 49.97 ▲ 0.54% GMEXICO 198.73 ▼ 0.74% FEMSA 224.45 ▲ 0.53% CEMEX 22.64 ▲ 1.98% GFNORTE 182.54 ▼ 0.50% BIMBO 57.60 ▲ 0.14% TELEVISA 9.55 ▼ 0.10% AMX 22.72 ▼ 0.35% GAP 396.00 ▼ 0.27% ASUR 281.39 ▼ 0.73% OMA 234.61 ▼ 0.17% KOF 177.47 ▲ 0.29% GRUMA 280.76 ▲ 0.49% KIMBER 38.85 ▲ 0.49% SQM-B 66,050 ▼ 2.72% COPEC 6,126 ▼ 1.35% BSANTANDER 78.16 ▼ 0.61% FALABELLA 5,853 ▼ 0.37% ENELAM 84.80 ▼ 1.11% CENCOSUD 2,005 ▼ 1.72% CMPC 1,074 ▼ 2.63% BANCO CHILE 188.88 ▼ 0.33% LATAM AIR 25.40 ▲ 2.01% YPF 78,600 ▲ 0.06% GGAL 8,250 ▲ 0.55% PAMPA 5,240 ▲ 0.19% TXAR 668.00 ▲ 0.91% ALUAR 959.50 ▲ 1.11% TGS 9,750 ▲ 0.41% CEPU 2,344 ▲ 0.73% MIRGOR 16,975 ▲ 1.34% COME 46.00 ▲ 0.81% LOMA NEGRA 3,650 ▲ 1.04% BYMA 306.00 ▲ 0.66% TELECOM ARG 4,315 ▼ 0.40% ECOPETROL 16.05 ▲ 0.41% BANCOLOMBIA 80.56 ▼ 1.21% GRUPO AVAL 5.11 ▲ 1.59% CREDICORP 392.93 ▼ 1.32% SOUTHERN COPPER 177.10 ▼ 2.45% BUENAVENTURA 29.64 ▼ 3.50% MERCADOLIBRE 1,863 ▲ 1.08% NUBANK 13.71 ▼ 1.25% XP 16.52 ▼ 2.07% PAGSEGURO 9.25 ▲ 0.43% STONE 11.22 ▼ 0.53% GLOBANT 32.52 ▲ 1.67% TECNOGLASS 45.38 ▼ 0.65% GAP AIRPORT 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1.34% SILVER 56.12 ▼ 1.74% SOY 1,200 ▼ 0.23% CORN 467.50 ▲ 4.47% WHEAT 675.50 ▼ 0.30% COFFEE 319.55 ▼ 4.46% SUGAR 14.48 ▼ 2.49% ORANGE JUICE 136.10 ▼ 1.98% COTTON 79.83 ▼ 0.91% COCOA 5,563 ▼ 3.03% BEEF 225.53 ▼ 2.00% CATTLE 349.38 ▼ 0.16% LITHIUM 69.16 ▼ 2.67% PETR4 40.84 ▲ 0.62% VALE3 73.38 ▼ 1.52% ITUB4 42.86 ▼ 0.65% BBDC4 18.28 ▼ 1.72% ABEV3 15.52 ▼ 0.32% BBAS3 20.69 ▲ 0.68% B3SA3 15.25 ▼ 2.80% WEGE3 44.02 ▼ 0.54% PRIO3 57.73 ▲ 0.40% SUZB3 41.66 ▲ 0.43% RENT3 40.00 ▼ 0.87% AZZA3 18.48 ▼ 0.96% CSAN3 3.89 ▼ 1.02% RAIZ4 0.30 ▲ 3.45% PCAR3 2.63 ▲ 0.38% GMAT3 3.91 ▼ 1.76% PSSA3 54.82 ▼ 0.72% CVCB3 1.36 ▲ 1.49% POSI3 3.88 ▼ 1.77% SLCE3 13.59 ▲ 0.67% NATU3 8.54 ▼ 1.50% BRKM5 6.38 ▼ 0.47% RANI3 7.98 — 0.00% CSNA3 5.15 ▼ 1.72% CMIN3 5.34 ▲ 1.91% USIM5 8.22 ▲ 0.24% GGBR4 24.08 ▼ 0.50% ENEV3 26.34 ▼ 2.26% CPFE3 46.30 ▼ 1.13% CMIG4 11.07 ▼ 0.72% EQTL3 39.64 ▼ 1.71% LREN3 13.71 ▼ 2.77% VIVT3 35.27 ▼ 0.56% RAIL3 13.97 ▼ 0.71% KLABIN 17.37 ▼ 0.12% RAIA DROGASIL 18.62 ▼ 0.27% RDOR3 35.55 ▼ 1.28% HAPV3 10.90 ▼ 0.82% FLRY3 16.44 ▼ 0.42% SMTO3 15.74 ▲ 1.35% UGPA3 31.43 ▲ 1.06% VBBR3 33.63 ▼ 0.36% BBSE3 40.77 ▲ 0.15% BPAC11 56.50 ▼ 0.95% CURY3 32.05 ▼ 2.08% AERI3 2.04 ▲ 0.99% VIVARA 23.14 ▼ 1.62% COMPASS 24.82 ▼ 1.15% VAMOS 3.11 ▼ 0.32% SANB11 26.48 ▼ 1.93% ASAI3 8.68 ▲ 0.23% SBSP3 29.50 ▼ 1.60% WALMEX 49.97 ▲ 0.54% GMEXICO 198.73 ▼ 0.74% FEMSA 224.45 ▲ 0.53% CEMEX 22.64 ▲ 1.98% GFNORTE 182.54 ▼ 0.50% BIMBO 57.60 ▲ 0.14% TELEVISA 9.55 ▼ 0.10% AMX 22.72 ▼ 0.35% GAP 396.00 ▼ 0.27% ASUR 281.39 ▼ 0.73% OMA 234.61 ▼ 0.17% KOF 177.47 ▲ 0.29% GRUMA 280.76 ▲ 0.49% KIMBER 38.85 ▲ 0.49% SQM-B 66,050 ▼ 2.72% COPEC 6,126 ▼ 1.35% BSANTANDER 78.16 ▼ 0.61% FALABELLA 5,853 ▼ 0.37% ENELAM 84.80 ▼ 1.11% CENCOSUD 2,005 ▼ 1.72% CMPC 1,074 ▼ 2.63% BANCO CHILE 188.88 ▼ 0.33% LATAM AIR 25.40 ▲ 2.01% YPF 78,600 ▲ 0.06% GGAL 8,250 ▲ 0.55% PAMPA 5,240 ▲ 0.19% TXAR 668.00 ▲ 0.91% ALUAR 959.50 ▲ 1.11% TGS 9,750 ▲ 0.41% CEPU 2,344 ▲ 0.73% MIRGOR 16,975 ▲ 1.34% COME 46.00 ▲ 0.81% LOMA NEGRA 3,650 ▲ 1.04% BYMA 306.00 ▲ 0.66% TELECOM ARG 4,315 ▼ 0.40% ECOPETROL 16.05 ▲ 0.41% BANCOLOMBIA 80.56 ▼ 1.21% GRUPO AVAL 5.11 ▲ 1.59% CREDICORP 392.93 ▼ 1.32% SOUTHERN COPPER 177.10 ▼ 2.45% BUENAVENTURA 29.64 ▼ 3.50% MERCADOLIBRE 1,863 ▲ 1.08% NUBANK 13.71 ▼ 1.25% XP 16.52 ▼ 2.07% PAGSEGURO 9.25 ▲ 0.43% STONE 11.22 ▼ 0.53% GLOBANT 32.52 ▲ 1.67% TECNOGLASS 45.38 ▼ 0.65% GAP AIRPORT 226.63 ▼ 0.51% ASUR 281.39 ▼ 0.73% OMA AIRPORT 108.21 ▲ 0.29% AMX ADR 26.10 ▼ 0.06% FEMSA ADR 128.98 ▲ 0.16% CEMEX ADR 12.89 ▼ 1.42% PETROBRAS ADR 17.86 — 0.00% VALE ADR 14.39 ▼ 1.91% ITAU ADR 8.29 ▼ 1.89% SANTANDER BR 5.20 ▼ 2.80% AMBEV ADR 3.01 ▼ 0.66% CSN 1.02 ▼ 0.97% GERDAU 4.74 ▼ 1.35% LATAM ADR 54.34 ▼ 0.96% BTC 64,171 ▼ 0.84% ETH 1,878 ▼ 2.05% SOL 76.19 ▼ 1.39% XRP 1.11 ▼ 0.55% BNB 577.37 ▼ 0.47% ADA 0.16 ▼ 0.91% DOGE 0.07 ▼ 0.79% AVAX 6.60 ▼ 1.44% LINK 8.45 ▼ 0.98% DOT 0.85 ▼ 0.17% LTC 44.70 ▼ 0.94% BCH 222.70 ▼ 0.20% TRX 0.32 ▼ 0.42% XLM 0.19 ▲ 1.40% HBAR 0.07 ▼ 0.82% NEAR 2.06 ▼ 0.15% ATOM 1.53 ▼ 1.38% AAVE 94.12 ▼ 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since 2009
Thursday, July 16, 2026

Africa Africa & the Great Powers

AES Bloc Accuses Neighbours of Sponsoring Terrorism Amid Sahel Realignment

By · July 16, 2026 · 6 min read

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Africa · Western

Key Facts

Direct accusations. On 21 April 2026, Mali and Niger foreign ministers publicly told a Senegal forum that neighbouring countries harbour and finance terrorist groups.

Institutional fracture. The three AES states formally withdrew from ECOWAS on 29 January 2025 and launched a 5,000-strong joint force outside the bloc’s structures.

Illicit gold flows. Jihadist-linked illegal gold extraction is estimated at over US$30 billion annually, with major destinations including the UAE, Turkey and Switzerland.

Russian footprint. The reconstituted Russia Africa Corps has secured mining and forestry contracts across AES states, offering junta protection in exchange for resource access.

Currency ambition. AES leaders are discussing a common Sahel currency to replace the French-backed CFA franc, signalling a push for full monetary sovereignty.

The Alliance of Sahel States has escalated its AES terrorism accusations against neighbouring governments and former colonial power France, framing the charges as part of a broader sovereignty project that is redrawing investment maps, commodity supply chains and military alliances across West Africa.

AES bloc accuses neighbours of backing terrorist groups amid regional realignment
AES bloc accuses neighbours of backing terrorist groups amid regional realignment (Photo internet reproduction)
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What the AES is alleging and where

At a security forum in Diamniadio, Senegal, on 21 April 2026, Malian Foreign Minister Abdoulaye Diop told Reuters that “neighbouring countries are currently harbouring terrorist groups, supporting terrorist groups, or frequently receiving hostile forces that carry out operations against us.” Niger’s Foreign Minister Bakary Yaou Sangaré went further, asserting that states seeking counterterrorism cooperation with Niamey are simultaneously “fuelling, financing and sustaining” terrorism on Nigerien soil.

Behind closed doors, intelligence services from Mali, Niger and Burkina Faso have launched joint operations aimed at exposing alleged Nigerian sponsors of insecurity, including senior politicians suspected of funding armed groups across the Nigeria–Niger border. Counter-insurgency analyst Zagazola Makama reports that some individuals involved in weapons supply have been arrested, and AES agencies claim to hold lists of implicated officials.

The money trail behind the AES terrorism accusations

Independent public evidence directly linking France or specific ECOWAS leaders to the command of terrorist attacks remains absent from reputable reporting. What is well documented, however, is that jihadist groups in the Sahel finance themselves through illicit gold, kidnapping, livestock theft, smuggling and taxation of local economies rather than overt state sponsorship.

Swissaid’s analysis estimates illegal gold extraction tied to armed networks at over US$30 billion annually, with major destinations including the United Arab Emirates, Turkey and Switzerland. These commercial chains mean international buyers may unknowingly interact with conflict-linked gold, a material risk for compliance officers and a political vulnerability that AES governments are learning to weaponise.

From coups to a new regional bloc

Three military takeovers set the stage: Mali’s coups in August 2020 and May 2021, Burkina Faso’s two putsches in 2022 that installed Captain Ibrahim Traoré, and Niger’s July 2023 coup that brought General Abdourahamane Tiani to power. ECOWAS responded with sanctions and the threat of military intervention, which AES governments decried as serving “foreign interests, particularly France.”

On 16 September 2023, the three states signed a mutual defence pact, and on 29 January 2025 they formally withdrew from ECOWAS, a rupture widely described as the most serious crisis in West African regional integration since the bloc’s founding in 1975. By July 2024 they had inaugurated a Confederation of Sahel States in Bamako, complete with plans for a joint anti-terrorism unit and a 5,000-strong military force modelled on NATO-style planning.

Great-power chessboard and the Russia factor

The Sahel has become a theatre of renewed great-power competition, drawing in not only France and Russia but also China, Turkey, Iran and the UAE. The Wagner Group, now reconstituted as the Russia Africa Corps, has built patron–client relationships with AES juntas that are largely transactional: securing mining and forestry contracts while protecting regimes from coups, rather than prioritising the containment of violent extremism.

This dynamic fits squarely within the patterns we track in Africa: The New Scramble, where critical minerals, defence pacts and financial sovereignty projects converge. For Latin American readers accustomed to resource nationalism and great-power hedging, the AES playbook will feel familiar: expel Western forces, diversify security providers, and use commodity wealth to fund new institutions.

What the fracture means for business and investors

Companies sourcing from or operating in Mali, Niger and Burkina Faso face elevated sanctions risk, given the coups, human rights concerns and Russian mercenary involvement. Any exposure to artisanal gold, livestock or cross-border trade requires rigorous due diligence to avoid inadvertently engaging with terror-linked supply chains.

If AES advances a non-CFA currency, firms could encounter foreign-exchange volatility and convertibility constraints. The bloc’s newly announced Sahel Investment and Development Bank, designed to finance infrastructure without Western conditions, may reduce access to traditional lenders but open opportunities for non-Western capital.

What to watch next

Mali has already filed a case against Algeria at the International Court of Justice, accusing it of the “premeditated destruction” of a Malian military drone, signalling a willingness to internationalise disputes. AES’s charter also allows other states to join, raising the possibility of a larger breakaway bloc that could redraw West African trade and transit regimes.

The Global Terrorism Index 2025 identifies the Sahel as the most terrorism-affected region in the world for the second consecutive year. With intelligence sharing between ECOWAS and AES crippled, the security vacuum is expanding, and the commercial stakes are rising in lockstep.

Connected Coverage

Africa: The New Scramble

Frequently Asked Questions

What are the AES terrorism accusations about?

The Alliance of Sahel States — Mali, Niger and Burkina Faso — accuses neighbouring countries and France of harbouring, financing and sustaining terrorist groups operating on their territory. The charges were aired most prominently at a Senegal security forum in April 2026 and are used to justify the bloc’s break from ECOWAS and its pivot toward Russia.

Is there evidence that foreign states sponsor terrorism in the Sahel?

No independent public evidence directly links France or specific ECOWAS governments to the command of terrorist attacks. However, jihadist groups finance themselves through illicit gold, kidnapping and smuggling, and international buyers in the UAE, Turkey and Switzerland may unknowingly interact with conflict-linked supply chains.

How does the AES realignment affect investors?

Investors face heightened sanctions risk, supply-chain compliance challenges and potential currency volatility if AES launches a non-CFA franc. The bloc’s new development bank and openness to non-Western lenders may shift financing patterns, while the breakdown in regional intelligence sharing raises physical security risks for personnel and assets.

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