Vladimir Putin says Russia's trade with China, India, Brazil, and South Africa has jumped 38% amid sanctions and war in Ukraine
Mikhail Metzel/Sputnik/AFP via Getty Images
President Vladimir Putin said trade with China, India, Brazil and South Africa rose 38% in the first three months of the year.
"Russian oil supplies to China and India are increasing noticeably," he said on Wednesday.
India has snatched up over 40 million barrels of Russian crude since the war began, more than all of 2021.
Russian President Vladimir Putin said on Wednesday trade with China, India, Brazil and South Africa rose 38% in the first three months of the year despite "politically motivated sanctions".
Trade volume with these four countries -- which together with Russia form the so-called BRICS countries -- totaled $45 billion during that period, he said.
"Russian oil supplies to China and India are increasing noticeably," Putin said in a video stream at the BRICS business summit.
China and India have increased purchases of discounted Russian crude since the start of the war in Ukraine, while other buyers have sanctioned or imposed sanctions on trade with Moscow itself.
Sources told Bloomberg in May that India was trying to buy Russian oil cheaply at around $70 a barrel -- a price discount of more than 35% at the time.
And India has snapped up over 40 million barrels of Russian crude since the war began, more than it imported in all of 2021.
That has helped offset declines in trade with Europe, which is phasing in a partial oil embargo and is looking for alternatives to Russian natural gas.
Earlier this year, Russia sent about two-thirds of its crude to Europe, now it sends about half to Asia, Gazprom CEO Alexander Dyukov said, according to Bloomberg.
And while the US banned imports of Russian energy in March, The Wall Street Journal reported that barrels believed to be partially mixed with Russian crude arrived in New York and New Jersey last month. These cargoes probably came from India, where supplies were refined and mixed to disguise their provenance.
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