Business leaders have met with president Cyril Ramaphosa to deliver a warning.
Politicians in positions of power have also antagonised the US in statements; the country’s military has hosted war games with Russia and China on the anniversary of Russia’s Ukraine invasion; and South Africa will host a BRICS summit in August – which Russia’s president Vladimir Putin will attend, despite an ICC arrest warrant.
Specifically, the African Growth and Opportunity Act is at risk. The Agoa gives South Africa a beneficial trade relationship with the USA, which benefits the local economy to the tune of R50 billion a year. Ramaphosa reportedly told the business leaders that there is no evidence that the USA or any country is threatening to punish South Africa for its stance.
In March, FirstRand chief executive officer Alan Pullinger said that the South African government’s “open support” of Russia presents significant geopolitical risks for businesses and could bring extremely negative consequences.
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