Nicaragua aims to move away from using the US dollar in its trade with Russia and explore alternative payment options, such as paying for wheat imports in rubles or cordobas, its national currency, according to Denis Moncada, the Foreign Minister of the Central American country, in an interview with the Sputnik news agency.
Moncada emphasized the importance of defending sovereignty in finance, banking services, and commercial transactions for both Russia and Nicaragua in the future.
In September 2022, Nicaraguan Finance Minister Ivan Acosta expressed the country’s plans to increase wheat imports from Russia and explore different payment methods.
The imposition of a financial blockade by the United States, amid its geopolitical tensions with Russia, has restricted Nicaragua’s ability to use the dollar in its trade transactions with other nations.
Nicaragua’s pursuit of diversifying its payment currency for wheat imports highlights its desire to assert independence and explore alternative avenues to conduct international trade.
Nicaragua aims to reduce its reliance on the US dollar and establish more diversified and flexible trade relationships by considering rubles or cordobas.