Joint website of the Ministries of Foreign Affairs of the BRICS member States
Brazil
Luis Inacio Lula da Silva
The President of Brazil
Russia
Vladimir Putin
President of the Russian Federation
India
Narendra Modi
Prime Minister of India
Сhina
Xi Jinping
President of the People's Republic of China
South Africa
Cyril Ramaphosa
The President of South Africa
Egypt
Abdel Fattah el-Sisi
President of Egypt
Ethiopia
Abiy Ahmed Ali
Prime Minister of the Federal Democratic Republic of Ethiopia
Iran
Massoud Pezeshkian
The President of Iran
UAE
Mohammed bin Zayed Al-Nahyan
President of the UAE
Indonesia
Prabowo Subianto
President of Indonesia
Envoy Claims Russia`s Trade with Associate BRICS Nation Increasing
The impact of Western sanctions on Russia has inadvertently created a "window of opportunity" for Brazil, according to the country's ambassador, Rodrigo Baena Soares
Thursday, December 7, 2023

The impact of Western sanctions on Russia has inadvertently created a "window of opportunity" for Brazil, according to the country's ambassador, Rodrigo Baena Soares. Despite challenges posed by the sanctions, bilateral trade between Russia and Brazil has experienced significant growth, with Russia becoming Brazil's fifth-largest foreign trade partner in the previous year, up from eleventh place in 2021. Soares highlighted that businesses in both countries have adapted to the sanctions, overcoming logistical and supply hurdles and maintaining robust cooperation.

The Western-imposed sanctions have introduced complexities related to payment, logistics, and insurance systems, leading to increased costs and product prices. Despite these challenges, the envoy remains optimistic about the prospects of Russia-Brazil collaboration. The overall trade volume between the two nations reached USD2.2 billion in the first quarter of the year, signaling promising developments in their economic ties.

Importantly, Brazil has not aligned itself with Western sanctions against Moscow, positioning itself as a key partner for Russia amid the economic restrictions. Soares emphasized that the cooperation extends beyond commodity trade, with Brazil ready to expand collaboration into industrial technology. Discussions are underway to explore opportunities in areas such as mechanical engineering, equipment, and agricultural services, where Brazil aims to enhance exports to Russia.

The ambassador underlined Brazil's potential to provide Russia with a diverse range of equipment and technology previously imported from European countries or the United States.

This strategic positioning highlights the resilience and adaptability of Russia and Brazil in the face of external challenges, showcasing the strength of their economic partnership. As both nations continue to navigate the impact of sanctions, the evolving trade dynamics reflect the resilience and growth potential in their bilateral relations.

MENAFN

menafn.com
Share