Putin says Russia is redirecting trade and oil to BRICS countries | Economy

Russian President Vladimir Putin said on Wednesday that the country was in the process of redirecting its trade and oil exports to countries in the BRICS group of emerging economies, in the wake of Western sanctions over the war in Russia. Ukraine.

The BRICS bring together Brazil, Russia, India, China and South Africa.

The West imposed sweeping sanctions on Russia, including restrictions on imports of its oil, after the Kremlin sent troops to Ukraine on February 24.

To resist sanctions, Russia is trying to strengthen ties with Asia, seeking to replace markets it lost in friction with the European Union and the United States.

In a video speech to attendees at the BRICS Business Forum, Putin said Russia is discussing increasing the presence of Chinese cars in the Russian market, as well as opening up Indian supermarket chains. “In turn, Russia’s presence in BRICS countries is growing. There has been a notable increase in Russian oil exports to China and India,” Putin said.

He also said that Russia is developing alternative mechanisms for international financial operations together with its BRICS partners.

“The Russian Financial Messaging System is open for connection with the banks of the BRICS countries. The Russian MIR payment system is expanding its presence. We are exploring the possibility of creating an international reserve currency based on the BRICS basket of currencies”, said Putin.

Tension between Russia and NATO rises as a result of sanctions imposed on Moscow

Tension between Russia and NATO rises as a result of sanctions imposed on Moscow

Russian oil imports into China hit record high

Chinese crude oil imports from Russia rose 55% year-on-year in May, hitting a record high and knocking Saudi Arabia out of China’s top supplier position as refiners profited from discounted oil amid sanctions on Moscow over his invasion of Ukraine.

Russian oil imports totaled nearly 8.42 million tonnes, including supplies pumped through the East Siberian Pacific Ocean pipeline and sea shipments from Russian ports in Europe and the Far East, China’s General Administration of Customs data showed this week. .

As a result, Russia regained the top supplier ranking for the world’s biggest oil importer after a 19-month gap, and indicates that Moscow is able to find buyers for its oil despite Western sanctions, although it has had to cut back. the prices.

Saudi Arabia was the second largest supplier, with May volumes up 9% on the year to 7.82 million tonnes, or 1.84 million bpd. That was down from April’s 2.17 million bpd.

Imports from Brazil fell 19% year-on-year to 2.2m tonnes as Brazilian supplies faced competition with cheaper cargo from Iran and Russia.

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