Vladimir Putin Says Trade With China, India, Brazil And South Africa Has Jumped 38% Amid Western Sanctions

Russia on Wednesday said its trade with China, India, Brazil, and South Africa jumped over 38% in the first three months of the year, despite the "politically motivated sanctions" from the West.

What Happened: Addressing the virtual BRICS Business Forum, Russian President Vladimir Putin said the trade volume from the BRICS nations totaled $45 billion during the aforesaid period.

"Russian oil supplies to China and India are growing noticeably," Putin said.

The comments came as the western nation imposed sanctions against trading with Moscow, while China and India massively ramped up purchases of discounted Russian crude oil since the invasion of Ukraine by Russia.

Bloomberg reported, in May, India sought to acquire Russian oil for as cheap as $70 a barrel — which, at the time, marked an above 35% discount. The South Asian nation led by Prime Minister Narendra Modi has snapped up over 40 million barrels of Russian crude since the war began — way higher than what it imported through all of 2021.

China and India haven't taken any firm stance on the Russian invasion of Ukraine or criticized Putin over the move.

While China reaffirmed its support for the Kremlin, India abstained from voting in the United Nations General Assembly on a draft resolution to suspend Russia from Human Rights Council.