Russia's leader tells Brics business forum that Moscow is developing alternative mechanisms for international financial settlements with its Brics partners
Moscow — President Vladimir Putin said on Wednesday 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 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 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. According to data from the Chinese General Administration of Customs, China’s crude oil imports from Russia were up 55% 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.
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