The secretary of the Russian Embassy in Nicaragua said El Salvador is exploring the possibility of joining BRICS.
The first secretary of the Russian Embassy in Nicaragua and country representative in El Salvador, Alexander Ilyukhin, assured a Russian media that the Salvadoran government has suggested using cryptocurrencies in trade between the two countries.
In an interview conducted by the Russian newspaperIzvestia, the diplomat acknowledged that this digital asset is not a technique that has been underway in the Russian nation, so other ways to strengthen trade are also sought.
We have difficulties with the calculations, because the official currency in El Salvador is the US dollar. Alternatively, El Salvador suggests using cryptocurrencies in commercial operations.
Alexander Ilyukhin
First Secretary of the Russian Embassy in Nicaragua
The diplomat said that the ideal would be the establishment of a bank where the currencies of other countries, such as the yuan and the Russian ruble, could be converted.
“There is a possibility that if we try to make payments in other currencies, our Western opponents will intervene to prevent it,” added the first Russian secretary.
The Russian Embassy said there are many entrepreneurs located in El Salvador who are interested in doing business with El Salvador.
Trade trade
Ilyukhin assured Izvestia that trade and economic relations with El Salvador are almost “insignificant” compared to other countries in the region.
He also acknowledged that the imports El Salvador made from Russia have fallen.
Until the first half of 2024, the Central Reserve Bank (BCR) confirmed that imports from Russia fell by 17.8% compared to the same period in 2023, from $23.3 million to about $19.2 million, a reduction of $4.1 million.
According to the BCR, Russia ranked 34th in the first half among the main countries from which goods are imported.
Exports increased exponentially, from not accounting for $1 between January and June 2023, to shipments of goods valued at $23,0266.19 for the first six months of this year.
Ilyukhin said El Salvador wants to develop relations with Russia, while remaining neutral in the midst of the conflict with Ukraine.
El Salvador would also be interested in uniting the BRICS countries, made up of Brazil, Russia, India, China and South Africa. “It is possible that in one or two years El Salvador will apply for acceptance in the BRICS,” he added.
With this, El Salvador is interested in attracting foreign investment from BRICS countries, according to the first Russian secretary.
The diplomat denied that they want to develop a military presence in El Salvador, and recalled that they already have such cooperation with Cuba and Nicaragua.
This article has been translated after first appearing in Diario El Mundo