Russia rerouting trade and oil to BRICS countries, developing new bank payment system



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 BRICS countries comprise Brazil, Russia, India, China and South Africa.

The West has imposed sweeping sanctions on Russia, including restrictions on imports of its oil, after the Kremlin sent its troops into Ukraine on Feb. 24.

In order to weather the sanctions, Russia is trying to forge closer ties with Asia, seeking to supplant the markets it lost in the row with the European Union and the United States.

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.

“In its turn, Russia’s presence in the BRICS countries is growing. There has been a noticeable increase in exports of Russian oil to China and India,” Putin said.

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.

Putin also said Russia was developing alternative mechanisms for international financial settlements jointly with its BRICS partners.

“The Russian Financial Messaging System is open for connection with the banks of the BRICS countries. The Russian MIR payment system is expanding its presence. We are exploring the possibility of creating an international reserve currency based on the basket of BRICS currencies,” he said.

Source: Reuters (Reporting by Reuters; Editing by Kevin Liffey)

sos

lol first time see putin so happy face among other world leaders

remember the joke where he had some long ass table against french president or something

that smile . that god damn smile XD

Sohai EU.

BRICS enjoiced. Congratulations!

BRICS so multi racial.

Sorry above is gambar hiasan only

This year BRICS summit still virtual summit



Bolsonaro grinning topkek

This post has been edited by MilitaryMadness: Jun 24 2022, 10:24 AM

welldone

Ehhh.... I tot "international" msm all spinning puting to be terminally ill?

haha i was referring to this one which i saw in CGTN youtube

did LGE also smile like that?

Bolsonaro why?

Lol happiest is Bolsonaro. Maybe his last international summit.

But seriously looking at the representation, it is very multiracial. Latino, Indian, African, Chinese and Eurasian? Also represent the biggest population in the world. Almost 3 billion?





This post has been edited by Skidd Chung: Jun 24 2022, 10:54 AM

14th BRICS summit to discuss expansion, de-dollarization efforts



Russian President Vladimir Putin will take part in the 14th summit of the BRICS group (Brazil, Russia, India, China, South Africa) that will take place via video conference on Thursday.

According to the Kremlin press service, the China-hosted meeting will focus on political, economic, cultural and humanitarian cooperation. There also are plans to discuss pressing global and regional issues.

The group’s expansion is expected to be one of the main topics on the agenda. In May, China suggested launching discussions of the issue and Russian Foreign Minister Sergey Lavrov said that Argentina and Saudi Arabia had expressed interest in joining BRICS. According to experts, other potential candidates include Bangladesh, Egypt, the United Arab Emirates and Uruguay who joined the BRICS New Development Bank last year. In addition, analysts point out that events held on the sidelines of the BRICS foreign ministers meeting involved representatives of Indonesia, Kazakhstan, Nigerian and Thailand.

Ways to reduce the role of the US dollar in financial transactions between member states will be another focus of attention. The Russian president stated earlier that together with other BRICS nations, Moscow was working on alternative mechanisms of payment. Putin emphasized that Russia’s financial messaging system was open for banks from other BRICS countries to join. According to Putin, efforts are underway to create an international reserve currency based on the basket of BRICS currencies and Russia’s Mir payment system is expanding its global presence.

On June 24, the Russian president will address a BRICS+ meeting that will also involve the leaders of a number of other countries.

The acronym BRICS, derived from the initial letters of the names of the group’s members, was created in December 2010, when South Africa joined the organization that had earlier been known as BRIC. The goal of the group, established at Russia’s initiative in 2006, is to boost comprehensive cooperation between member states. China is holding the BRICS presidency in 2022.

sos

Minyak murah for BRICS.... Sohai others all inflation high2

This post has been edited by andrekua2: Jun 24 2022, 10:56 AM

Still got pipul say "Why China and India still trade and dun want condemn Russia?"

Malaysia should buy cheap oil from Russia, not removing fuel subsidiaries

If expansion goes ahead, can add Arab into the mix also

cant wait for winter
hohoho merry xmas

This one really made Murica newsmedia foam in the mouth...Lol

So no more those black Friday apabenda last minute shopping nanti?

Aku nak cium mereka semua

China floating the idea for a BRICS free trade bloc



China has proposed a free-trade bloc among the five BRICS countries in a bid to enhance economic ties within the decade-old grouping, as its geopolitical rivalry heats up with the United States.

Trade between Brazil, Russia, China, India and South Africa has huge potential to expand, as it accounts for only 6 per cent of the countries' combined trade today, despite major emerging economies contributing to about one-fifth of global trade, said vice-commerce minister Wang Shouwen.

"To build a free-trade agreement is a very important means to tap this trade potential, which China is willing to discuss with other BRICS countries," he told a panel at the BRICS Business Forum on Wednesday.

Beijing is trying to consolidate its trade interests as Washington tries to box in China's economic influence with the Indo-Pacific Economic Framework (IPEF), while banning imports from Xinjiang over alleged forced labour.

India, though part of the BRICS grouping, is a member of IPEF and the US-led Quad alliance.

China does not have a free-trade deal with any of the other four BRICS countries.

Its relations with Moscow have been put under the microscope after Russia's invasion of Ukraine, while ties with India remain strained due to border issues.

Putin also said that contact between the Russian business community and BRICS partners had intensified.

Negotiations were under way to open Indian chain stores in Russia and increase the share of Chinese cars, equipment and hardware entering the Russian market. There has also been a "noticeable increase" in the exports of Russian oil to China and India.

The document said BRICS countries will cooperate on the economy and trade, while stepping up investment coordination to enhance the stability, diversity and resilience of the supply chain.

sos

Malaysia to buy S400's?

US and euro countries are gonna shitbrics soon when this happens

The Western world is finished by Russia. Good job Russia.

Which S400 😁

Look like after this Summit, China will push more CNY circulation

let see what will NATO summit do the next few days, sure the west will gang up to defend their white supremacy

the new colonial gang, support each other ready to invade and seize more territory.

Kolanfem the west will try to topple this group

Berani kacau kawasan

all the jokers finally can TC together again.

33% freedom inflation. Kek

Malaysia different group…

correction india is not a member of IPEF. India only express desire to join IPEF if they suit them, just like us malaysia. IPEF just launch by biden and is still need further discussion and make take yrs .. maybe biden already byebye so as ipef.

BRICS until now is only economic grouping. The bully gang one with military alliance & use alliance invade other countries tu satu lagi group.

cough*NATO*cough

support

is USA dig their own grave?

They all have genuie happy smile lol ~
not like EU poker face hahahha

Vietnam denounces China's military drill, asserts sovereignty over island chains
VIETNAM
Thursday, 23 Jun 2022

6:37 PM MYT


waitin to whack china kau kau

1 group are from those colonies white supremacy era, of cos will die die holding on high advantage from being surplus by their once slave/servant.

The other new groups will surely want to pay back time but play it slow and undetected cos they know their military strength are kacang putih against their ex bosses.


we better move far far quiet corner and sit tight quietly watching