Russia is taking steps to redirect trading to what President Vladimir Putin says as their reliable international trading countries such as Brazil, India, China and South Africa(BRICS) as other advanced countries have cut economic ties already.
Trade between BRICS countries and Russia of the first 3 months of the year had soared to 38% accounting $45 billion.
Russian President also said on June 22, 2022cin virtual BRICS summit that, “Contacts between Russian business circles and the business community of the BRICS countries have intensified,” Putin said. “For example, negotiations are underway to open Indian chain stores in Russia [and to] increase the share of Chinese cars, equipment and hardware on our market.”
Russia and Saudi Arabia are major suppliers or exporters of oil in the world. As there is a cut in the supply of oil by Russia the world is facing high oil prices in each passing day. According to expert report, Russian oil revenue increased to $20 million as of May,2022.