Reality Check?
In response to Western sanctions, President Putin announced a move to pursue deeper economic and political ties within the BRICS group of economies, of which it is a member. BRICS comprises Brazil, Russia, India, China, and South Africa. All countries have not followed the path of the Western nations by sanctioning Russia. On offer is heavily discounted Russian oil and products, which is an attractive proposition at a time when oil prices are firmly above $100/bbl and inflation concerns increasingly drive policy. In return, Russia is seeking greater imports of manufactured goods to substitute western brands that have left Russia. It is worth looking at how much oil Russia currently exports to these countries and how much additional volumes could we see being shipped to BRICS, given that these countries are broadly pursuing an alternative policy to that of the West, when it comes to energy security and Russia.
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