Russia rerouting trade to BRICS countries

Russian President Vladimir Putin says the country is rerouting trade to reliable international partners such as Brazil, India, China and South Africa, also known as BRICS countries, as the West attempts to sever economic ties.

The acronym BRICS refers to an informal grouping of the five developing economies.

According to Mr. Putin, trade between Russia and the BRICS countries increased by 38% and reached $45 billion in the first three months of the year.

Mr. Putin says negotiations are underway to open Indian chain stores in Russia and increase the share of Chinese cars, equipment and hardware on the Russian market.