currently in talks with New Delhi for opening Indian Chain stores in their
country and importing Chinese cars into Russia Russian President Vladimir Putin
There has been
a noticeable increase in the exports of Russian oil
to China and India,” he said in his speech to Brics business forum on
Russian President Vladimir Putin
has spoken about the increase in the sale of oil to India and China, as well as rising trade with the
members of the loosely-held group of emerging economies, since the start of
Russia’s invasion of Ukraine.
between Russian business circles and the rest of the countries in the group
have “intensified” Trade between the Russian Federation
and the BRICS countries increased by 38 per cent –
and reached 45 billion US dollars in the last three months,” he said.
troops invaded Ukraine on February 24, the United States, Europe, Australia and
Japan have imposed extensive sanctions on Russia, especially to curb the sale
of its oil.
Russia has been trying to offset
the loss of western markets by increasing trade with India and China.
India’s second-biggest oil supplier, pushing Saudi Arabia into third place but
still behind Iraq at number one in May this year. Similarly, China’s crude oil
imports from Russia rose by 55 per cent in May compared to the previous year,
turning Moscow into its largest supplier.
said Russia was developing alternative mechanisms for international financial
settlements jointly with its BRICS partners.