The acronym “BRICS” refers to an informal grouping of the five emerging economies. According to Putin, trade between Russia and the BRICS countries increased by 38% and reached $ 45 billion in the first three months of the year. “Contacts between the Russian business community and the BRICS business community have intensified,” Putin said. “For example, negotiations are underway to open Indian chains in Russia. [and to] increase the share of Chinese cars, equipment and hardware in our market “. Russia is also boosting oil exports to China and India, which have seen a sharp drop in barrels. China’s crude oil imports from Russia soared to a record high in May, removing Saudi Arabia as the country’s top supplier. Putin added that Russia’s messaging system between financial institutions is open to linking banks from the five countries, and that Moscow is finding new ways to trade without relying on currencies such as the dollar or the euro. “Together with the BRICS partners, we are developing credible alternative mechanisms for international settlement,” Putin said. In his speech, Putin accused the West of neglecting “its basic principles [the] market economy “, such as free trade. “It undermines business interests on a global scale, negatively affecting the well-being of people, in fact, of all countries,” he said. The BRICS summit, hosted by Beijing, is Putin’s first international forum with the heads of other major economies since ordering the invasion of Ukraine in late February. Western sanctions have cut Russia off from large sections of the world economy and plunged the country into a deep recession. But Moscow continues to make money from exports, especially as energy prices rise. The International Energy Agency estimates that Russia’s oil export revenues rose to about $ 20 billion in May. – Julia Horovic contributed to the report.
