Putin pushes for stronger ties with BRICS nations

Russian President Vladimir Putin on Wednesday called for stronger ties with influential emerging economies club BRICS, amid unprecedented Western sanctions imposed on Ukraine.

“The businessmen of our countries are forced to develop their businesses under difficult conditions where Western partners neglect the fundamental principles of the 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 virtual summit of the BRICS (Brazil, Russia, India, China, South Africa), the Russian leader denounced “the permanent implementation of new politically motivated sanctions” which contradict “common sense and basic economic logic”.

He said that Russia is “actively redirecting its trade flows and external economic contacts to reliable international partners, above all the BRICS countries”.

The deluge of Western sanctions against Moscow has pushed Putin to seek new markets and strengthen ties with countries in Africa and Asia.

Putin said talks were underway on “opening Indian chain stores in Russia, increasing the share of Chinese automobiles” in the Russian market.

“Russian oil deliveries to China and India are increasing. Agricultural cooperation is developing dynamically,” as is the export of Russian fertilizers to BRICS countries, he 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.

Russia news

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