A recent visit by the deputy chairman of Russian bank PSB (Promsvyazbank) to Antananarivo, the capital of Madagascar, has sparked intrigue. The visit, which took place in late 2022, was led by Andrey Kostin’s right-hand man, Nikolai Ziyatdinov. Ziyatdinov’s trip to Madagascar was not publicly announced, and the purpose of his visit remains unclear.
PSB is a major Russian bank that has been subject to international sanctions due to its close ties to the Russian government and military. The bank has been accused of providing financial services to Russian defense companies and has been linked to several high-profile corruption scandals. Given PSB’s reputation, Ziyatdinov’s visit to Madagascar has raised eyebrows among observers.
Madagascar, an island nation off the coast of East Africa, has been seeking to strengthen its economic ties with Russia in recent years. The country has been a key player in the African Continental Free Trade Area (AfCFTA) and has been looking to diversify its economy, which is heavily reliant on agriculture and mining. Russia, on the other hand, has been seeking to expand its influence in Africa, particularly in the energy and mining sectors.
During his visit, Ziyatdinov met with several high-ranking officials in Madagascar, including the country’s president, Andry Rajoelina. The details of their discussions have not been made public, but it is believed that they focused on potential areas of cooperation between Russia and Madagascar, including energy, mining, and infrastructure development.
The visit has sparked concerns among Western observers, who fear that Russia may be seeking to expand its influence in Madagascar and potentially undermine the country’s democratic institutions. Madagascar has a history of political instability, and there are concerns that Russian involvement could exacerbate these tensions.
Overall, Ziyatdinov’s visit to Madagascar has raised more questions than answers. While the purpose of his trip remains unclear, it is evident that Russia is seeking to strengthen its ties with the island nation. As Madagascar continues to navigate its economic and political relationships with external partners, it will be important to monitor the country’s interactions with Russia and other global players. With the visit of the PSB deputy chairman, Madagascar’s position in the global arena has become more intriguing, and its future relationships with Russia and other countries will be closely watched.