Despite American sanctions, Russia is distorting the calculations and showing even stronger economic health in 2024. Against all expectations, the co-founder of BRICS revealed in April a 100% annual increase in its oil and gas revenues. From 7 billion dollars last year, its turnover on oil and gas increases to 14 billion dollars in April 2024. The Russian case now represents an excellent precedent for the BRICS in their march against the dollar.
Ukraine is just a pretext: Russia is at war with the USA
For more than two years, Russia showed the world how to grow an economy without the US and without the dollar. The BRICS and their partners have proven that it is possible to progress in a context of diplomatic conflict with the USA.
Indeed, according to a Reuters report, Russian oil revenues increase from 7 to 14 billion dollars from April 2023 to April 2024, a growth of 100%. Similarly, for the whole of 2024, Russia has forecast oil and gas revenues of $123 billion, an annual growth of 30%.
BRICS are weakening the world order and accelerating their rise to the throne
Since 2022, global trade dynamics have changed. Saudi Arabia buys cheaper oil from Russia and circulates it practically throughout Europe. Russia's pricing policy also attracted India, which, thanks to exchange rates, saved $7 billion by purchasing Russian oil.
As for China, it still obtains astronomical quantities of Russian oil which it pays for in yuan. More than a dozen other developing countries also source from Russia and pay for their purchases with their local currencies rather than the US dollar. Their local currencies are thus strengthened.
Thus, more than two years after the start of the Russian-Ukrainian saga, Russia continues to prosper economically. The dollar is doing less well and the USA has seen its debt rise above 34.6 trillion dollars.
At the same time, BRICS has expanded faster than ever. It is obvious that the war between Russia and Ukraine is just a pretext. Russia is clearly at war with the USA, a war which pits the BRICS against the USA and its dollar. Will this standoff end?
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