AfricaEconomy

South Africa is aware it may be sanctioned by US

Pretoria could lose $32.4 billion in export revenue due to its position on Ukraine, a major asset management company predicts

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South Africa is aware that it’s on the verge of being punished by the United States for its non-aligned stance in the Russia-Ukraine conflict, Govan Whittles, a senior South African journalist, has told RT.

Whittles said Pretoria has taken seriously a warning by Stanlib Asset Management that the country could lose up to $32.4 billion in export revenue due to its non-aligned position on the Ukraine conflict, “mostly because it follows a similar warning by the South African Reserve Bank” regarding secondary impacts.

Meanwhile, former Nigerian presidential candidate Adamu Garba II told RT that South Africa is being threatened with sanctions because the West feels threatened by Pretoria’s neutral position and its membership of the BRICS group.

Western corporations are more interested in benefiting from the weaknesses of Africa,” he said, adding that corporations from the West take advantage of and exploit resource-rich countries on the continent.

Legal expert and independent analyst Wilcar Dias said the BRICS group “is one big problem for the US” and its allies because of its potential to become a major economic bloc and world power.

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