The United States sued Russia for sanctions in February 2022, invaded neighboring Ukraine and fought war. Sanctions were intended to halt Russia’s growth and defeat its entire economy and GDP. Russia worked with the BRICS Alliance, and the Bloc kicked off its derailment agenda to counter US sanctions.
BRICS BLOC has rewritten the trade deals that allow Russia to send and accept local currencies for trade and cross-border transactions. China, India and Saudi Arabia have used US sanctions to raise Russian oil and discounted prices. Saudi Arabia brought Russian crude oil to concessions, and washed it with greater profits across Europe.
India, a BRICS member, has even saved $7 billion in foreign exchange by purchasing Russian crude oil at a low price for sanctions. Therefore, BRICS BLOC benefited primarily from US sanctions saving billions of dollars in development and earning. They moved ahead with their local currency to strengthen their business and overall GDP.
BRICS: Russia’s economy is up 4.1% despite US sanctions
Trade restrictions did not stop Russia’s growth in BRICS members. This move has helped the country survive a troubled era and at the same time gain support from developing countries. “In the past two years, the Russian economy has increased by 4.1%.” Russian Security Council Secretary Sergei Shuig said.
The latest data shows that BRICS members’ Russia’s economy is comfortably above 4% despite US sanctions.
2023: 4.1%
2024: 4.3%
2025 (Predicted): 2.5%
Shoigu explained that the Russian banking system of BRICS members showed significant resilience during US sanctions. “Russia’s external and internal debt has declined. Its financial and banking system has shown resilience.” He said. Diplomats added “External trade also retained positive dynamics. Despite sanctions, trade over the past year has increased by more than $716 million from $3.8 billion. The height of the foreign trade balance has reached around $7 billion, reaching around $146 billion.”
