BRICS: US Sanctions Fail as Russia’s Economy Grows 4.1%
The US pressed sanctions on Russia in February 2022 after they invaded and waged war on their neighboring country Ukraine. The sanctions were aimed at stalling Russia’s growth and bringing its overall economy and GDP down. Russia teamed up with the BRICS alliance and the bloc kick-started the de-dollarization agenda to counter the US sanctions.
Also Read: BRICS: China Officially Launches Plan to Promote Its Own Payment System
The BRICS bloc rewrote trade deals allowing Russia to send and accept local currencies for trade and cross-border transactions. China, India, and Saudi Arabia made use of the US sanctions and procured Russian oil and discounted prices. Saudi Arabia even brought Russian crude oil for a concession and laundered it all over Europe earning bigger profits.
BRICS member India even saved $7 billion in foreign exchange by buying Russia’s crude oil at cheaper prices due to the sanctions. Therefore, the BRICS bloc mostly benefitted from the US sanctions saving and earning billions in development. They even pushed local currencies ahead for trade strengthening their businesses and overall GDP.
Also Read: BRICS: India Plays ‘Double Game’ With the US Dollar?
BRICS: Russia’s Economy Grows 4.1% Despite US Sanctions
Trade restrictions could not stop BRICS member Russia’s growth as it immediately kick-started the de-dollarization agenda. The move helped the country navigate through troubled times and simultaneously gained the support of developing countries. “Over the past two years, the Russian economy grew by 4.1%,” said Russian Security Council Secretary Sergey Shoigu.
Also Read: De-Dollarization Reaches European Shores: EU Questions US Dollar Usage
The latest data shows that BRICS member Russia’s economy comfortably sat above 4% despite the US sanctions.
2023: 4.1%
2024: 4.3%
2025 (Projection): 2.5%
Shoigu explained that BRICS member Russia’s banking system demonstrated remarkable resilience during the US sanctions. “Russia’s external and internal debt has diminished. Its financial and banking systems demonstrated resilience,” he said. The diplomat added, “The external trade also retained its positive dynamics. Despite sanctions, the past year’s trade grew by $3.8 billion, to over $716 billion. Proficit of the balance of foreign trade gained $7 billion, reaching approximately $146 billion.”
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BRICS: US Sanctions Fail as Russia’s Economy Grows 4.1%
The US pressed sanctions on Russia in February 2022 after they invaded and waged war on their neighboring country Ukraine. The sanctions were aimed at stalling Russia’s growth and bringing its overall economy and GDP down. Russia teamed up with the BRICS alliance and the bloc kick-started the de-dollarization agenda to counter the US sanctions.
Also Read: BRICS: China Officially Launches Plan to Promote Its Own Payment System
The BRICS bloc rewrote trade deals allowing Russia to send and accept local currencies for trade and cross-border transactions. China, India, and Saudi Arabia made use of the US sanctions and procured Russian oil and discounted prices. Saudi Arabia even brought Russian crude oil for a concession and laundered it all over Europe earning bigger profits.
BRICS member India even saved $7 billion in foreign exchange by buying Russia’s crude oil at cheaper prices due to the sanctions. Therefore, the BRICS bloc mostly benefitted from the US sanctions saving and earning billions in development. They even pushed local currencies ahead for trade strengthening their businesses and overall GDP.
Also Read: BRICS: India Plays ‘Double Game’ With the US Dollar?
BRICS: Russia’s Economy Grows 4.1% Despite US Sanctions
Trade restrictions could not stop BRICS member Russia’s growth as it immediately kick-started the de-dollarization agenda. The move helped the country navigate through troubled times and simultaneously gained the support of developing countries. “Over the past two years, the Russian economy grew by 4.1%,” said Russian Security Council Secretary Sergey Shoigu.
Also Read: De-Dollarization Reaches European Shores: EU Questions US Dollar Usage
The latest data shows that BRICS member Russia’s economy comfortably sat above 4% despite the US sanctions.
2023: 4.1%
2024: 4.3%
2025 (Projection): 2.5%
Shoigu explained that BRICS member Russia’s banking system demonstrated remarkable resilience during the US sanctions. “Russia’s external and internal debt has diminished. Its financial and banking systems demonstrated resilience,” he said. The diplomat added, “The external trade also retained its positive dynamics. Despite sanctions, the past year’s trade grew by $3.8 billion, to over $716 billion. Proficit of the balance of foreign trade gained $7 billion, reaching approximately $146 billion.”
Read More
BRICS: Goldman Sachs Analyst Predicts the US Dollar’s Future