Russian Foreign Minister Sergey Lavrov stated that a common BRICS currency currently has no prospects, according to TASS. This comes amid significant shifts in Russia's trade patterns, with exports to Asia increasing by 5.6% to $306.6 billion in 2023, raising Asia's share of Russian exports from 49% in 2022 to 72% in 2023, as reported by Reuters and UBN. However, the total volume of Russian exports fell by 28.3% to $425.1 billion, with a notable 68% reduction in European supplies to $84.9 billion, highlighting the impact of Western sanctions. President Putin, in an interview with Tucker Carlson, attributed the lack of prospects for a BRICS common currency to increasing trade volumes in local currencies and a preference for settling trade balances in gold or BRICS-produced goods. Additionally, Russia surpassed Saudi Arabia as China's top oil supplier, delivering 107 million tons in 2023, equivalent to 2.1 million barrels per day, as Western oil bans prompted Russia to pivot towards Eastern markets, with China and India eagerly purchasing Russian oil.
The FT suggests that seizing Russia's assets (or using them as collateral) is unlikely to command G-7 consensus right now. That makes it vital not to low ball the revenue that CAN be obtained from the frozen assets. Surely the G-7 can do better than EUR 4.4b off EUR 260b! 1/x
In 2023, Russia beat Saudi Arabia as China's top oil supplier, providing 107 million tons, equivalent to 2.1 million barrels per day. This transition was driven by Western oil bans, prompting Russia to pivot towards Eastern markets. China and India eagerly purchased Russian…
We think Lavrov is being straight about using gold to balance trade deficits/surpluses within BRICS rather than creating a BRICS currency. Not helpful to have false expectations. We think Feb 22 is the G7 FM meeting re seizing Russia's $300B frozen reserves for Ukraine. $SA https://t.co/k1oZ5z6xOj
Russian Foreign Minister admits that there is “almost no prospect” of creating a BRICS currency. As I have been saying... https://t.co/3JCkX9QDTO
Putin effectively told everyone why a BRICS common currency has no prospects in his Tucker Carlson interview: Rapidly increasing trade volumes in local FX, being recycled into BRICS-produced goods (with any remaining net surpluses being stored in gold by BRICS Central Banks.) https://t.co/2pkkOALJLh
⬇️⬇️⬇️ RUSSIAN FOREIGN MINISTER LAVROV: COMMON BRICS CURRENCY HAS NO PROSPECTS NOW
Russias exports to Asia increased by 5.6% to $306.6B in 2023. This region’s share of Russian exports has increased significantly - from 49% in 2022 to 72% in 2023. (Reuters; UBN)
According to Reuters, the total volume of Russian exports decreased by 28.3% to $425.1B. The most noticeable drop was in European supplies, which was by 68% to $84.9B. (UBN) Western sanctions do bite, but they can bite much more. Slash Russia's oil revenues!
🔴 RUSSIAN FOREIGN MINISTER LAVROV: COMMON BRICS CURRENCY HAS NO PROSPECTS NOW - TASS.