Russian President Vladimir Putin has called for a strengthening of

Russian President Vladimir Putin has called for a strengthening of

Given the sanctions imposed by the West on Russia, which Vladimir Putin says are beyond “common sense and basic economic logic,” the Kremlin is making a new move. The plan is already in motion and the first positive results can already be seen.

Specifically, Russian President Vladimir Putin on Wednesday called for stronger ties between the BRICS (Brazil, Russia, India, China, South Africa) amid unprecedented Western sanctions hitting his country’s economy over the Russian invasion of Ukraine.

Russia, solutions to get rid of international sanctions

In his speech, “Businessmen in our countries are forced to develop their activities in difficult conditions because Western partners neglect the basic principles of the market economy, of free trade,” Putin said, addressing participants in the Economic Forum. of the BRICS, ahead of a virtual summit of these states.

In his speech, the Russian president criticized the “permanent imposition of new sanctions for political reasons”, which contradict “common sense and basic economic logic”.

In this context, President Vladimir Putin said on Wednesday that Russia is reorienting its trade and exports of oil to the countries of the BRICS group of emerging economies, following Western sanctions on the war in Ukraine.

At present, Russia is trying to build closer ties with Asia, trying to make up for the markets it has lost in the dispute with the European Union and the United States.

In a video address to the BRICS Business Forum, Putin said that Russia was discussing increasing the presence of Chinese cars on the Russian market, as well as opening chains of Indian supermarkets.

Thus, “Russia’s presence in the BRICS countries is growing. There has been a marked increase in Russian oil exports to China and India, “Putin told Reuters.

China’s Russian oil imports up 55%

According to the General Administration of Customs of China, imports of crude oil from Russia increased by 55% compared to the previous year, reaching a record level in May, replacing Saudi Arabia as China’s main supplier, as refineries take advantage of reduced offers.

Moreover, Vladimir Putin also said that Russia is developing alternative mechanisms for international financial settlements together with its BRICS partners.

Therefore, “The Russian financial messaging system is open for connection with banks in 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, ”he said.