The Ambassador of Brazil announced an increase in trade with Russia amid sanctions

Brazil and RUSSIA were able to increase the volume of bilateral trade after the introduction of anti-Russian sanctions, companies of the two countries managed to overcome the difficulties that arose, said the Ambassador of Brazil to Russia Rodrigo de Lima Baena Soares Rodrigo de Lima Baena Soares

Russian and Brazilian companies managed to overcome the difficulties associated with sanctions, trade turnover between the countries increased, said Brazilian Ambassador to Russia Rodrigo de Lima Baena Soares in an interview with RBC. Brasilia and Moscow have achieved the target set within the framework of the strategic partnership.

“Of course, this sanctions regime imposed against Russia has created a number of problems not only for Brazil, but also for many countries and raised the question of payment, logistics and insurance systems. Insurance today is much more expensive than it used to be. Accordingly, the products will become more expensive. Russian and Brazilian companies managed to overcome these difficulties and these challenges. The most important example is that we have increased bilateral trade. I don’t see any major restrictions on our trade as it has reached record levels between our countries,” Soares said.

The ambassador recalled that his country adheres only to the sanctions imposed by the UN Security Council, and therefore the issue of Western restrictions against Russia is not a problem for the country. According to Soares, now there is every opportunity to increase Russian-Brazilian trade turnover; businessmen should discuss this issue more.

“We can provide Russia with a lot of equipment and technology that was previously imported, for example, from European countries or the usa . We could increase the level of cooperation between countries in this area and not be limited to agriculture, although it is very important for both Brazil and Russia. But we must try to get a more complete and diversified product portfolio,” the ambassador said.

He added that Brazil is capable of increasing the EXPORT of industrial goods to Russia in many areas, especially in the field of mechanical engineering, equipment, and agricultural services, and these issues are being discussed with Russian representatives. “We need to be creative to take advantage of the opportunities we have. Now some countries, including European ones, do not trade with Russia due to sanctions imposed against Russia. Thus, an important window of opportunity has opened for us,” Soares emphasized.

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After the start of the military operation in Ukraine , many countries, in particular member states of the European Union, the USA, Great Britain , Japan and others, imposed sanctions against Russia. The restrictions affected the banking and high-tech sectors, the export of Russian products, in particular energy resources, and the import of high-tech products. In addition, many Western countries have announced a freeze of Russian assets on their territory. At the moment, the European Union is preparing the 12th package of sanctions against Russia.

Commenting on the sanctions, Russian President Vladimir Putin said in February that “the Russian economy and governance system turned out to be much stronger than the West believed,” and the restrictions ultimately had a negative impact on those countries that imposed them.