Russian Cooperation with BRICS Countries

Abstract

For a long period foreign trade was one of the major priorities for Russian economic development. Economic contradictions between Russia and Western countries changed international economic order. As a result of the Western sanctions global financial and banking system was ruined, international trade faces serious problems. In current situation Russia has to reload its economic priorities. This article covers the major trends in Russian foreign trade during 2022-2023. In 2022 oil and natural gas export increased and foreign currency reserves were reestablished. But in 2023 Western economic sanctions influence negatively on economic relations, decreasing both import and export. There are some legal and transport barriers to normal trade with European countries and the United States. In the Section 2 the author considers the major problems and possibilities of BRICS countries cooperation. The potential of this group mutual trade is impressive. But the current state of BRICS economic cooperation is still primitive. One of the main impediments to the progress of BRICS is the economic differences among members. Trade barriers are also a significant obstacle to the progress of BRICS. While the member countries have pledged to promote free trade among themselves, there are still significant trade barriers that hinder their trade and economic growth. Infrastructure deficits, such as inadequate transportation networks and port facilities, can also create barriers to trade and investment. To overcome these impediments, the BRICS countries need to work together to promote cooperation and integration. This can be done through negotiations and agreements to reduce tariffs barriers, to improve transportation networks and port facilities.