The South African Reserve Bank has warned that US sanctions on South Africa are a big threat to financial stability.
The warning comes after South Africa extended immunity to Russian President, Vladimir Putin who will be attending a BRICS summit in August 2023.
The South African Rand has fallen sharply in the past three weeks, after US Ambassador, Reuben Brigety, revealed that the South African government supplied arms to a Russian ship, Lady R, which docked at Simon’s Town in December 2022.
The battered currency breached 1:20 for the first time in history on Tuesday.
South Africa is a signatory to the Rome Statute and is expected to arrest anyone who has been issued with an arrest warrant by the ICC.
However, South Africa urgues that it is illegal for another country to arrest the sitting President of another country.