The share of trade operations between Brazil and Russia in national
currencies remains at a relatively low level, accounting for about 5-10%
of the total payment volume. This was stated by the Brazilian
Ambassador to the Russian Federation in an interview with the Izvestia
publication.
The diplomat emphasized that increasing this indicator depends not only on the actions of governments but also on the readiness of companies themselves to switch to such payments. «We are discussing this issue within BRICS. With Russia, we are trying to conduct trade in national currencies and are working to increase this
percentage», the ambassador explained.
Brazil remains an important economic partner of Russia in Latin America and a major
importer of fertilizers. Last year, trade between the two countries grew
by 9.3%, reaching $12.4 billion.
As Russian Foreign Minister Sergey Lavrov noted earlier, Moscow has achieved significant success in transferring settlements with BRICS partners to national
currencies. According to him, last year, 90% of all trade with the
union’s countries was already conducted in rubles and currencies of
friendly states.
The Russian Federation is consistently expanding the practice of settlements in national currencies with new BRICS members. For example, 40% of transactions with
Egypt are already conducted without using the dollar, and with Iran, it
has been possible to almost completely switch to such payments.
An OSINT report, including analytics on the Brazilian fertilizer market, as
well as information about major importers, distributors, and large
fertilizer consumers in Brazil, will be available to buyers soon.