Putin says Russia is rerouting trade to China and India
London (CNN Business) President Vladimir Putin said Wednesday that Russia is rerouting trade to "reliable international partners" such as Brazil, India, China and South Africa as the West attempts to sever economic ties.
"We are actively engaged in reorienting our trade flows and foreign economic contacts towards reliable international partners, primarily the BRICS countries," Putin said in his opening video address to the participants of the virtual BRICS SummitThe "BRICS" acronym refers to an informal grouping of the five developing economies.
According to Putin, trade between Russia and the BRICS countries increased by 38% and reached $45 billion in the first three months of the year.
"Contacts between Russian business circles and the business community of the BRICS countries have intensified," Putin said.
"For example, negotiations are underway to open Indian chain stores in Russia [and to] increase the share of Chinese cars, equipment and hardware on our market."