Putin says Russia is rerouting commerce to China and India

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“We are actively engaged in reorienting our trade flows and foreign economic contacts towards reliable international partners, primarily the BRICS countries,” Putin mentioned in his opening video handle to the contributors of the digital BRICS Summit.

The “BRICS” acronym refers to an off-the-cuff grouping of the 5 growing economies.

According to Putin, commerce between Russia and the BRICS international locations elevated by 38% and reached $45 billion within the first three months of the 12 months.

“Contacts between Russian business circles and the business community of the BRICS countries have intensified,” Putin mentioned. “For example, negotiations are underway to open Indian chain stores in Russia [and to] increase the share of Chinese cars, equipment and hardware on our market.”

Russia can also be ramping up oil exports to China and India, which have been snapping up barrels at a hefty low cost. China’s crude imports from Russia soared to a record level in May, ousting Saudi Arabia because the nation’s high provider.

Putin added that Russia’s system for messaging between monetary establishments is open to connecting banks from the 5 international locations, and that Moscow is discovering new methods to transact with out counting on currencies such because the greenback or the euro.

“Together with BRICS partners, we are developing reliable alternative mechanisms for international settlements,” Putin mentioned.

In his handle, Putin accused the West of neglecting “the basic principles of [the] market economy” equivalent to free commerce.

“It undermines business interests on a global scale, negatively affecting the wellbeing of people, in effect, of all countries,” he mentioned.

The BRICS summit, which is hosted by Beijing, is Putin’s first worldwide discussion board with the heads of different main economies since he ordered the invasion in Ukraine in late February.

Sanctions from the West have reduce Russia off from massive swaths of the worldwide financial system and pushed the country into a deep recession. But Moscow continues to earn cash off exports, particularly as power costs rise. The International Energy Agency estimates that Russian oil export revenues rose to about $20 billion in May.

— Julia Horowitz contributed reporting.


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