Putin pledges to redirect Russian exports to BRICS countries | News | DW

Russian President Vladimir Putin said on Wednesday that Moscow was redirecting its oil trade and exports to BRICS countries following Western sanctions.

The BRICS group includes Brazil, Russia, India, China and South Africa. Their economies represent more than 40% of the world’s population and almost a quarter of the world’s gross domestic product.

After Russia invaded Ukraine on February 24, the West imposed sweeping sanctions, including restrictions on imports of Russian oil.

In order to overcome the sanctions, Russia is trying to forge closer ties with Asia to replace the markets it has lost in the EU and the United States.

Russian oil for China and India

Speaking via video link at the opening of a BRICS business forum, Putin denounced “the continuous implementation of new politically motivated sanctions” which contradict “common sense and basic economic logic”.

“The businessmen of our countries are forced to develop their businesses under difficult conditions where Western partners neglect the fundamental principles of the market economy, free trade, as well as the inviolability of private property”, said the Russian president.

He called for strengthening ties within the group. According to Putin, Russia was discussing increasing the presence of Chinese cars in the Russian market as well as opening Indian supermarket chains.

“Russian oil deliveries to China and India are increasing. Agricultural cooperation is developing dynamically,” as is the export of Russian fertilizers to BRICS countries, Putin said.

Russia is also developing “alternative international transfer mechanisms” with BRICS partners and an “international reserve currency” to reduce dependence on the dollar and euro, he added.

Three of the group’s members – China, India and South Africa – abstained from voting on a United Nations resolution condemning Russia’s invasion of Ukraine.

How China views the war in Ukraine

The conflict in Ukraine has ‘raised the alarm for humanity’, Chinese leader Xi Jinping said in his speech at the forum’s opening, as China continues to assume a stance of neutrality while supporting its ally Russia.

“Countries will surely find themselves in security difficulties if they place blind faith in their positions of strength, expand military alliances and seek their own security at the expense of others,” Xi told the forum via video link.

“History has shown that hegemony, group politics and block clashes bring neither peace nor stability, but war and conflict,” he said.

In other comments, Xi said the imposition of sanctions could act as a “boomerang” and a “double-edged sword”, and the global community would suffer from “politicization, mechanization and militarization”. economic trends and global financial flows.

China has refused to criticize Russia’s war in Ukraine or even call it an invasion out of deference to Moscow, while condemning US sanctions against Russia and accusing the West of provoking Moscow.

The leaders of Brazil, Russia, India, China and South Africa are due to meet via video Thursday. The summit is chaired this time by China.

dh/rt (AFP, AP, dpa, Reuters)

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