Dollars

Prime

Yuan

Rise

Observer

<div class="watcher-guru">
 <p><a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> members <a rel="noopener noreferrer nofollow" title="India" href="https://thebittimes.com/tag/india.html">India</a> and <a rel="noopener noreferrer nofollow" title="Russia" href="https://thebittimes.com/tag/russia.html">Russia</a> are initiating crude <a rel="noopener noreferrer nofollow" title="Oil" href="https://thebittimes.com/tag/oil.html">Oil</a> deals that will save them billions of dollars this year in 2023. The US pressed sanctions against <a rel="noopener noreferrer nofollow" title="Russia" href="https://thebittimes.com/tag/russia.html">Russia</a> in February 2022 for invading and waging war against its neighboring country Ukraine. <a rel="noopener noreferrer nofollow" title="India" href="https://thebittimes.com/tag/india.html">India</a> has been making the most out of the US sanctions by procuring cheap crude <a rel="noopener noreferrer nofollow" title="Oil" href="https://thebittimes.com/tag/oil.html">Oil</a> from <a rel="noopener noreferrer nofollow" title="Russia" href="https://thebittimes.com/tag/russia.html">Russia</a> since then. <a rel="noopener noreferrer nofollow" title="Russia" href="https://thebittimes.com/tag/russia.html">Russia</a> is selling crude <a rel="noopener noreferrer nofollow" title="Oil" href="https://thebittimes.com/tag/oil.html">Oil</a> at discounted prices to <a rel="noopener noreferrer nofollow" title="India" href="https://thebittimes.com/tag/india.html">India</a> and both the <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> countries are successfully bypassing US sanctions.</p>
 <p><strong>Also Read: BRICS: Analyst Predicts Biggest Economic Crash in US History</strong></p>
 <h2 class="wp-block-heading" id="h-brics-crude-oil-exports-between-russia-amp-india-rise-2-200-in-2023">BRICS: Crude Oil Exports Between Russia &amp; India Rise 2,200% in 2023</h2>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="585" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" alt="Dubai Oil Benchmark Takes Center Stage as Russia, India Abandon Europe-Dominated Pricing" class="wp-image-82860 ewww_webp" sizes="(max-width: 1024px) 100vw, 1024px" data-src-img="https://cdn.thebittimes.com/images/2023/12/14/e37a310f044f0910c7cc471d40b69ef9.webp" data-src-webp="https://cdn.thebittimes.com/images/2023/12/14/e37a310f044f0910c7cc471d40b69ef9.webp.webp" data-srcset-webp="https://cdn.thebittimes.com/images/2023/12/14/e37a310f044f0910c7cc471d40b69ef9.webp.webp 1024w, https://cdn.thebittimes.com/images/2023/12/14/e37a310f044f0910c7cc471d40b69ef9.webp.webp 300w, https://cdn.thebittimes.com/images/2023/12/14/e37a310f044f0910c7cc471d40b69ef9.webp.webp 768w, https://cdn.thebittimes.com/images/2023/12/14/e37a310f044f0910c7cc471d40b69ef9.webp.webp 1536w, https://cdn.thebittimes.com/images/2023/12/14/e37a310f044f0910c7cc471d40b69ef9.webp.webp 380w, https://cdn.thebittimes.com/images/2023/12/14/e37a310f044f0910c7cc471d40b69ef9.webp.webp 550w, https://cdn.thebittimes.com/images/2023/12/14/e37a310f044f0910c7cc471d40b69ef9.webp.webp 800w, https://cdn.thebittimes.com/images/2023/12/14/e37a310f044f0910c7cc471d40b69ef9.webp.webp 1160w, https://cdn.thebittimes.com/images/2023/12/14/e37a310f044f0910c7cc471d40b69ef9.webp.webp 1800w" data-srcset-img="https://cdn.thebittimes.com/images/2023/12/14/e37a310f044f0910c7cc471d40b69ef9.webp 1024w, https://cdn.thebittimes.com/images/2023/12/14/e37a310f044f0910c7cc471d40b69ef9.webp 300w, https://cdn.thebittimes.com/images/2023/12/14/e37a310f044f0910c7cc471d40b69ef9.webp 768w, https://cdn.thebittimes.com/images/2023/12/14/e37a310f044f0910c7cc471d40b69ef9.webp 1536w, https://cdn.thebittimes.com/images/2023/12/14/e37a310f044f0910c7cc471d40b69ef9.webp 380w, https://cdn.thebittimes.com/images/2023/12/14/e37a310f044f0910c7cc471d40b69ef9.webp 550w, https://cdn.thebittimes.com/images/2023/12/14/e37a310f044f0910c7cc471d40b69ef9.webp 800w, https://cdn.thebittimes.com/images/2023/12/14/e37a310f044f0910c7cc471d40b69ef9.webp 1160w, https://cdn.thebittimes.com/images/2023/12/14/e37a310f044f0910c7cc471d40b69ef9.webp 1800w" data-eio="j">
  <noscript><img decoding="async" width="1024" height="585" src="https://cdn.thebittimes.com/images/2023/12/14/e37a310f044f0910c7cc471d40b69ef9.webp" alt="Dubai Oil Benchmark Takes Center Stage as Russia, India Abandon Europe-Dominated Pricing" class="wp-image-82860" srcset="https://cdn.thebittimes.com/images/2023/12/14/e37a310f044f0910c7cc471d40b69ef9.webp 1024w, https://cdn.thebittimes.com/images/2023/12/14/e37a310f044f0910c7cc471d40b69ef9.webp 300w, https://cdn.thebittimes.com/images/2023/12/14/e37a310f044f0910c7cc471d40b69ef9.webp 768w, https://cdn.thebittimes.com/images/2023/12/14/e37a310f044f0910c7cc471d40b69ef9.webp 1536w, https://cdn.thebittimes.com/images/2023/12/14/e37a310f044f0910c7cc471d40b69ef9.webp 380w, https://cdn.thebittimes.com/images/2023/12/14/e37a310f044f0910c7cc471d40b69ef9.webp 550w, https://cdn.thebittimes.com/images/2023/12/14/e37a310f044f0910c7cc471d40b69ef9.webp 800w, https://cdn.thebittimes.com/images/2023/12/14/e37a310f044f0910c7cc471d40b69ef9.webp 1160w, https://cdn.thebittimes.com/images/2023/12/14/e37a310f044f0910c7cc471d40b69ef9.webp 1800w" sizes="(max-width: 1024px) 100vw, 1024px">
  </noscript>
  <figcaption class="wp-element-caption">
   Source: Fair Observer
  </figcaption>
 </figure>
 <p>The US sanctions have helped BRICS members India and Russia to settle oil deals for cheaper in local currencies. Russia increased its crude oil exports to India by 2,200% since the sanctions were pressed by the US. The move made India pay local currencies such as the Chinese Yuan to procure cheap Russian oil.</p>
 <div class="quads-location quads-ad33739 " id="quads-ad33739" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;">
  <div class="publift-ad add">
   <div data-fuse="22560828227"></div>
  </div>
 </div>
 <p><strong>Also Read: BRICS: India Likely Dumped US Dollars To Limit the Rupee’s Loss</strong></p>
 <p>In addition, the development made <a rel="noopener noreferrer nofollow" title="India" href="https://thebittimes.com/tag/india.html">India</a> save a staggering $7 billion in foreign exchange by ditching the US dollar. Therefore, <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> members are making the most out of the US sanctions by buying <a rel="noopener noreferrer nofollow" title="Oil" href="https://thebittimes.com/tag/oil.html">Oil</a> at discounted prices.</p>
 <div class="quads-location quads-ad15192 " id="quads-ad15192" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;">
  <div id="primisContainer" class="add"></div>
 </div>
 <p><strong>“Most of our energy resources have been redirected to other, friendlier markets,”</strong> said Russian Deputy Prime Minister Alexander Novak.<strong> “If we look at oil supplies to India, they increased 22 times last year. Supplies to the People’s Republic of China and other markets have also grown. This is also the result of the great work that has been done in the industry,” </strong>he said.</p>
 <p><strong>Also Read: BRICS: US &amp; China Rivalry Risks Cold War II, Warns IMF</strong></p>
 <p>Additionally, Saudi Arabia is also helping Russia to evade US sanctions and conduct oil deals successfully. The new BRICS member Saudi Arabia is buying cheap oil from Russia and laundering it to the European markets. In conclusion, the BRICS alliance is doing everything possible to keep the US dollar away from all international transactions.</p>
 <div class="quads-location quads-ad33742 " id="quads-ad33742" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;">
  <div class="publift-ad add">
   <div data-fuse="22560828233"></div>
  </div>
 </div>
 <p></p>
</div>
<div class="cs-entry__tags">
 <ul>
  <li>BRICS</li>
  <li>crude oil</li>
  <li>India</li>
  <li>Oil</li>
  <li>Russia</li>
 </ul>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/brics-russian-oil-exports-to-india-rise-2-200-saves-them-7-billion-tbt73689.html">https://thebittimes.com/brics-russian-oil-exports-to-india-rise-2-200-saves-them-7-billion-tbt73689.html</a></p>

BRICS: Russian Oil Exports to India Rise 2,200%, Saves Them $7 Billion

Table of Contents

TheBitTimes

Other articles published on Dec 14, 2023

Mastercard Teams Up with Further Ventures for Advanced Payments and Asset Management Infrastructu...

Crypto Whales are Making a Stealthy Bet on This Overlooked AI Crypto Gem – What’s the Play?

Terra LUNA Price Set To SkyRocket, Analyst Predict 15x Surge For AI Crypto

This AI Diagnoses Like a Doctor, But Faster

Bonk Meme Coin ‘Bites’ Back with 40% Surge on Coinbase Listing!

Shiba Inu Lead Teases Community with "Year-Ending Surprise"

Join our free newsletter for daily crypto updates!