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Vladimir Putin says Russia’s trade with China, India, Brazil and South Africa has increased by 38% due to sanctions and war in Ukraine

Written by Javed Iqbal

Vladimir Putin

Mikhail Metzel / Sputnik / AFP via Getty Images

  • President Vladimir Putin said trade with China, India, Brazil and South Africa rose 38% in the first three months of the year.

  • “Russian oil supplies to China and India are growing significantly,” he said on Wednesday.

  • India has accumulated over 40 million barrels of Russian crude oil since the war began, more than it did throughout 2021.

Russian President Vladimir Putin said on Wednesday that trade with China, India, Brazil and South Africa rose 38% in the first three months of the year, despite “politically motivated sanctions”.

Trade volume with these four countries – which together with Russia make up the so-called BRICS countries – totaled $ 45 billion at the time, he said.

“Russia’s oil supplies to China and India are growing significantly,” Putin said in a video stream to the BRICS Business Summit.

China and India have increased their purchases of reduced Russian crude oil since the war in Ukraine began, while other buyers have self-sanctioned or imposed sanctions on trade with Moscow.

Sources told Bloomberg in May that India was seeking to acquire Russian oil cheaply for about $ 70 per barrel. barrel – which at the time marked more than 35% discount.

And India has gone up 40 million barrels of Russian crude oil since the war began, a higher amount than it imported throughout 2021.

It has helped offset declines in trade with Europe, which is phasing in a partial oil embargo and looking for alternatives to Russian natural gas.

At the beginning of the year, Russia sent about two-thirds of its crude oil to Europe, but now it sends about half to Asia, Gazprom CEO Alexander Dyukov told Bloomberg.

And while the United States banned imports of Russian energy in March, the Wall Street Journal reported that barrels were believed to be so partially mixed with Russian crude oil arrived in New York and New Jersey last month. These cargoes probably came from India, where supplies were refined and blended to hide their origins.

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