Putin sees stronger ties with India
MOSCOW: Russian President Vladimir Putin on Wednesday called for a strengthening of relations with the influential club of Brics emerging economies, amid unprecedented Western sanctions imposed over Ukraine.
“Businessmen of our countries are forced to develop their business under difficult conditions where Western partners neglect the basic principles of market economy, free trade, as well as the inviolability of private property,” Putin told a Brics business forum via video link.
On the eve of a Brics (Brazil, Russia, India, China South Africa) virtual summit, the Russian leader denounced “the permanent implementation of new politically motivated sanctions” that contradict “common sense and basic economic logic”.
He said Russia is “actively redirecting its trade flows and external economic contacts towards reliable international partners, above all the Brics countries”.
The barrage of Western sanctions against Moscow has pushed Putin to seek new marDespite
kets and strengthen ties with countries in Africa and Asia.
Putin said that discussions were ongoing on the “opening of Indian chain stores in Russia, increasing the share of Chinese automobiles” on the Russian market.
“Russian oil deliveries to China and India are increasing. Agricultural cooperation is developing dynamically,” as is the export of Russian fertiliser to Brics countries, he said.
all the difficulties in the global economy due to “politically motivated sanctions,” total trade with Brazil, India, China and South Africa rose 38% in the first three months of the year to $45 billion, he said.
Russian oil producers have been sending more crude to Asian buyers, mostly to China and India, at steep discounts as European buyers reduce purchases.
The country didn’t want to turn away from Europe’s energy market, but it has been pushed out and will find other customers, Deputy PM Alexander Novak said last week.
At the start of 2022 some twothirds of Russian crude was being exported to Europe, now about 50% of nation’s oil is going to Asia, according to Gazprom Neft chief executive officer Alexander Dyukov.
Russia is also working with fellow Brics to create a basketbased international reserve currency, Putin said.
Russia is also developing “alternative international transfer mechanisms” with Brics partners and an “international reserve currency” to reduce dependence on the dollar and euro, Putin added.