BRICS: Russia's Crude Oil Exports Continue to Plunge
Russia bypassed the U.S. sanctions by selling crude oil at a discounted rate to Saudi Arabia and China. The BRICS member Russia settled the crude oil deal by paying the Chinese Yuan and not the U.S. dollar. Countries around the world are barred from doing business with Russia due to its role in invading Ukraine. Also Read: BRICS: Warren Buffet Predicts the Future of the U.S. Dollar However, Saudi Arabia laundered the cheap Russian oil to Europe while its BRICS counterpart China laundered the oil to India. Other developing countries are benefiting from the U.S. sanctions as oil from Russia is now available at a cheaper price. The Gulf Cooperation Council (GCC) and other BRICS members are helping the Russian economy by purchasing oil at a lesser price. 🇸🇦 Saudi Arabia is buying Russian oil at record levels and laundering it onto the European market to evade US sanctions. pic.twitter.com/0uj8wSIpDE — Watcher.Guru (@WatcherGuru) April 11, 2023 BR...