South Africa stands to lose as much as R612.7 billion in export revenue, almost a 10th of its gross domestic product , should some of its main trading partners retaliate against its unwillingness to take a stance against Russia’s war in Ukraine.
South Africa says it has adopted a non-aligned stance toward the war in Ukraine and has abstained from several United Nations votes condemning Russia’s invasion. In February, South Africa held naval exercises with China and Russia. The manoeuvres were criticised by the US and the European Union, who questioned the timing — one year after Russia launched its invasion of Ukraine.
The allegations were denied, and South Africa’s finance minister Enoch Godongwana said the spat was resolved.
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