Russia bolsters oil ties with BRICS countries

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BRICS Bloc
(Picture: www.infobrics.org)

Russia is circumventing the Western sanctions by strengthening its ties with emerging economies.

Russia’s President Vladimir Putin says they are rerouting trade and oil exports towards the BRICS bloc which includes South Africa. He told the BRICS Business Forum that there has been a noticeable increase in exports of Russian oil to China and India.

Data shows that Moscow has displaced Saudi Arabia as China’s top supplier of crude oil. Recently Energy Minister Gwede Mantashe said that South Africa should consider importing crude oil from Russia in an effort to counter the skyrocketing fuel prices. He said it would be at a cheaper price.

In the first three months of this year before the Ukrainian conflict Russia’s trade with China, India, Brazil, and South Africa jumped by 38 percent. despite the sanctions.

 

 

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Jun 29, 2022
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