Putin: Russia is rerouting trade and oil to BRICS countries
Wednesday, 22 Jun 2022 9:30 PM MYTMOSCOW, June 22 — President Vladimir Putin said today that Russia was in the process of rerouting its trade and oil exports towards countries from the BRICS group of emerging economies in the wake of Western sanctions over Ukraine.
The BRICS countries comprise Brazil, Russia, India, China and South Africa.The West has imposed sweeping sanctions on Russia, including restrictions on imports of its oil, after the Kremlin sent its troops into Ukraine on February 24.In order to weather the sanctions, Russia is trying to forge closer ties with Asia, seeking to supplant the markets it lost in the row with the European Union and the United States.
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Wednesday, 22 Jun 2022 9:30 PM MYT MOSCOW, June 22 — President Vladimir Putin said today that Russia was in the process of rerouting its trade and oil exports towards countries from the BRICS group of emerging economies in the wake of Western sanctions over Ukraine. The BRICS countries comprise Brazil, Russia, India, China and South Africa. "Yes, that is the president's agenda," the coordinating security minister Mahfud MD told reporters at the presidential palace on Monday. The West has imposed sweeping sanctions on Russia, including restrictions on imports of its oil, after the Kremlin sent its troops into Ukraine on February 24. And “in the face of new threats and risks, we will further develop and strengthen our armed forces”, he said, promising the new Sarmat intercontinental ballistic missile would be commissioned by the end of the year. In order to weather the sanctions, Russia is trying to forge closer ties with Asia, seeking to supplant the markets it lost in the row with the European Union and the United States. Jokowi is due to attend a Group of Seven (G7) summit in Germany taking place on June 26-28 before travelling to Moscow, with a stop in Ukraine also being considered, according to Indonesian media reports. In a video address to the BRICS Business Forum participants, Putin said Russia was discussing increasing the presence of Chinese cars on the Russian market as well as the opening of Indian supermarket chains. "There has been no other PCI Coal purchase by Tata Steel from Russia after the announcement," the spokesman said in an emailed statement to Reuters.
“In its turn, Russia’s presence in the BRICS countries is growing." Indonesia in April announced that Ukrainian President Volodymyr Zelenskiy would also be invited to the G20 leaders' summit in Bali in November, but made it clear that it would not withdraw Putin's invitation. Putin has repeatedly claimed Russia's economy has managed to weather the barrage of unprecedented international sanctions. There has been a noticeable increase in exports of Russian oil to China and India,” Putin said. According to data from the Chinese General Administration of Customs, China’s crude oil imports from Russia were up 55 per cent from a year earlier to a record level in May, displacing Saudi Arabia as China’s top supplier, as refiners cashed in on discounted supplies.S. Putin also said Russia was developing alternative mechanisms for international financial settlements jointly with its BRICS partners. “The Russian Financial Messaging System is open for connection with the banks of the BRICS countries. Australian Prime Minister Anthony Albanese confirmed he would attend regardless during a visit to Jakarta this month. The PCI coal was imported in a vessel named Panamax Ostria, the trade sources said.
The Russian MIR payment system is expanding its presence. We are exploring the possibility of creating an international reserve currency based on the basket of BRICS currencies,” he said. (Reporting by Kate Lamb; Editing by Ed Davies) Article type: free. — Reuters Advertisement .