BRICS: Russia’s Oil and Gas Revenues Soaring Despite Sanctions

Despite US sanctions, Russia defies forecasts and exhibits even stronger economic health in 2024. Against all odds, the BRICS co-founder reports in April a 100% annual increase in its oil and gas revenues. From 7 billion dollars the previous year, its turnover on oil and gas jumps 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 has revealed to the world how to grow an economy without the USA and without the dollar. The BRICS and their partners have proven that it’s possible to progress amid a diplomatic conflict with the USA.

Indeed, according to a Reuters report, Russian oil revenues climbed from 7 to 14 billion dollars from April 2023 to April 2024, a growth of 100%. Similarly, for the entire year of 2024, Russia has planned oil and gas revenues of 123 billion dollars, an annual growth of 30%.

The BRICS weaken the global order and accelerate their ascent to the throne

Since 2022, global trade dynamics have changed. Saudi Arabia buys cheaper oil from Russia and circulates it almost throughout Europe. Russia’s pricing policy has also attracted India, which has saved 7 billion dollars by purchasing Russian oil thanks to exchange rates.

As for China, it continues to procure vast amounts of Russian oil, which it pays for in yuan. More than a dozen other developing countries are also sourcing from Russia and settling their purchases with their local currencies rather than the US dollar. This strengthens their local currencies as a result.

Thus, more than two years after the start of the Russo-Ukrainian saga, Russia continues to thrive economically. The dollar, on the other hand, is faring less well, and the USA has seen its debt rise above 34.6 trillion dollars.

Meanwhile, the BRICS have experienced faster expansion than ever before. It’s clear that the war between Russia and Ukraine is just a pretext. Russia is clearly at war against the USA, a war that pits the BRICS against the USA and their dollar. Will this tug-of-war ever end?