South Africa’s banking industry faces a “profound geopolitical risk” from the government’s close ties with Russia, according to the head of Africa’s biggest lender by market value. South Africa has drawn criticism from some of its biggest trading partners, including the US and the European Union, over military exercises it conducted with Russian and Chinese forces last month. Those countries have also censured President Cyril Ramaphosa’s administration over its abstention from United Nations resolutions condemning Russia’s war with Ukraine.
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