A report in the AP shows the BRICS (Brazil, Russia, India, China and South Africa) trade alliance seems to remain strong despite western sanctions. India admitted to purchasing 3 million barrels of Russian oil at a 20% discount rate this week.
There’s no mention of how the purchase will be transacted, what currency they would use; however, the top-line story of India refusing to follow western trade sanctions reflects the BRICS alliance is delivering economic results.
[Via AP] – […] NEW DELHI — The state-run Indian Oil Corp. bought 3 million barrels of crude oil from Russia earlier this week to secure its energy needs, resisting Western pressure to avoid such purchases, an Indian government official said Friday.
The official said India has not imposed sanctions against buying oil and will be looking to purchase more from Russia despite calls not to from the U.S. and other countries.
The United States, Britain and other western countries are urging India to avoid buying Russian oil and gas. Indian media reports said Russia was offering a discount on oil purchases of 20% below global benchmark prices.
Such prices have surged in recent weeks, posing a huge burden for countries like India, which imports 85% of the oil it consumes. Its demand is projected to jump 8.2% this year to 5.15 million barrels per day as the economy recovers from the devastation caused by the pandemic. (read more)
