BRICS: Russian Oil Exports Skyrocket by 2,200%, Saving India $7 Billion

• India and Russia Capitalize on Crude Oil Deals Amid US Sanctions
• Surge in Crude Oil Exports Between Russia and India
• India's Significant Foreign Exchange Savings
• Saudi Arabia's Role in Assisting Russia
• BRICS Alliance Stays Steadfast in Avoiding US Dollar

India and Russia Capitalize on Crude Oil Deals Amid US Sanctions

In 2023, BRICS nations India and Russia have initiated crude oil transactions that are projected to save them billions of dollars. This follows the US sanctions against Russia in February 2022, owing to its military aggression against Ukraine. India has effectively leveraged the situation, securing cheap crude oil from Russia. Offering crude oil at reduced costs to India, both BRICS members have managed to circumvent US sanctions successfully.

Surge in Crude Oil Exports Between Russia and India

The US sanctions have inadvertently facilitated India and Russia, fellow BRICS members, to finalize cheaper oil deals in local currencies. Russia has amplified its crude oil exports to India by 2,200% since the imposition of the sanctions by the US. This strategy has led India to transact in local currencies, such as the Chinese Yuan, to obtain inexpensive Russian oil.

India's Significant Foreign Exchange Savings

A notable outcome of this situation is that India has managed to conserve an astonishing $7 billion in foreign exchange by shifting away from the US dollar. Therefore, BRICS nations are maximizing the benefits of the US sanctions by purchasing oil at reduced rates.

"Our energy resources have largely been reoriented to more receptive markets," stated Russian Deputy Prime Minister Alexander Novak. "Looking at the oil supplies to India, they spiked 22 times last year. Supplies to the People's Republic of China, among other markets, have also expanded. This is a reflection of the commendable work executed in the industry," he further added.

Saudi Arabia's Role in Assisting Russia

In a show of solidarity, Saudi Arabia, the latest BRICS member, is also facilitating Russia to circumvent US sanctions and complete oil transactions smoothly. Saudi Arabia is acquiring cheap oil from Russia and circulating it in the European markets.

BRICS Alliance Stays Steadfast in Avoiding US Dollar

In conclusion, the BRICS alliance remains determined in its efforts to exclude the US dollar from all international transactions, doing all within its means to ensure this.

Edited by Jonathan Stoker