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U.S. Ambassador's Explosive Interview Sends S. African Assets Tumbling

SOUTH AFRICA
  • President Cyril Ramaphosa said that he has ordered an independent inquiry into allegations that South Africa provided material military support to Russia. The rand and South African government bonds tumbled to three-year lows Thursday as U.S. ambassador said in an interview he was confident that a Russian cargo ship had left the country loaded with ammunition in December. Ramaphosa insisted that he had no evidence of such an incident, while his spokesperson accused the U.S. diplomat of adopting a "counter-productive public posture."
  • The Mail & Guardian write in a front-page article that during high-level negotiations the Kremlin has reportedly rejected South Africa's proposal for President Vladimir Putin to attend the BRICS summit in August virtually and insisted that he comes in person. South Africa has so far struggled to come up with a way out of the conundrum caused by the arrest warrant issued against Putin by the International Criminal Court, of which the sub-Saharan nation is a member.
  • With South Africa finding it increasingly difficult to tread a tightrope between Russia and the West, the Daily Maverick runs a piece today citing a senior ANC official, who highlighted a "distinctive difference" between the stances of the party and the state on the war in Ukraine. While the government insists that it remains neutral, the ANC's resolution from its December conference said that the war was provoked by the U.S. which is trying to contain threats to its global hegemony posed by Russia and China. The ANC is expected to issue a statement on the matter later today.
  • Elsewhere, SARB Deputy Governor Kuben Naiboo said that the SARB are nearing the end of the tightening cycle, but the "two big risks" that could delay it are escalating load-shedding and weakening exchange rate. Both factors are contributing to inflationary pressures, raising pressure on policymakers to take action.
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