Russia Turns Sanctions Into Opportunity With BRICS Support and Oil Deals
Despite sweeping U.S. sanctions imposed in early 2022 following the invasion of Ukraine, Russia's economy has demonstrated surprising resilience, aided largely by its collaboration with the BRICS alliance.
Rather than isolating Russia economically, the sanctions appear to have accelerated a shift away from the U.S. dollar. BRICS nations — including China, India, and Saudi Arabia — adjusted trade agreements to prioritize local currencies, allowing Russia to maintain and even expand its cross-border transactions.
In doing so, they also took advantage of discounted Russian oil, with countries like India reportedly saving $7 billion in foreign exchange reserves. Saudi Arabia, meanwhile, capitalized on Russian crude to boost profits across European markets.
This de-dollarization drive not only shielded Russia but also strengthened the broader BRICS economies, allowing them to push local currency usage and bolster domestic growth.
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Recent figures highlight Russia’s unexpected economic stability. According to Russian Security Council Secretary Sergey Shoigu, Russia’s GDP grew by 4.1% in 2023 and is expected to grow by 4.3% in 2024. Even under heavy sanctions, projections for 2025 remain positive, with a 2.5% growth forecast.
Shoigu emphasized the strength of Russia’s banking sector during this period, noting that both external and internal debt levels fell while the financial system remained robust. Additionally, Russia’s trade volumes continued to rise, posting a $3.8 billion increase to reach over $716 billion last year, with a foreign trade surplus of around $146 billion.
Far from being crippled, Russia — with BRICS support — has managed to turn sanctions into an opportunity to rewire its economic strategies and deepen ties with emerging markets.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
