Sanctions on BRICS Risk US Economic Turbulence as Oil Markets Shift
US sanctions against BRICS nations, particularly Russia, are reshaping global oil trade dynamics. India’s state-run refiners have turned to US firms for crude procurement after sanctions disrupted traditional supply chains. The MOVE underscores growing friction between Washington and the bloc controlling 42% of global oil output.
Rosneft CEO Igor Sechin warns the measures may backfire as BRICS economies expand while US GDP stagnates. ‘The aggressive sanctions will only fuel anti-Western sentiment,’ he said, noting China, Russia, and Iran have all faced recent US trade restrictions.
The Biden administration continues targeting BRICS over de-dollarization efforts. Former President TRUMP had previously threatened the bloc with tariffs for sidelining the USD in trade settlements. Market analysts note such measures could accelerate alternative financial systems among emerging economies.
