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IOL News
14-05-2025
- Business
- IOL News
BRICS+ Series: What the US-Russia Trade Resurgence Means for Global Geopolitics
Despite the widely publicised rupture in diplomatic relations between Russia and the United States, since the onset of the Ukraine conflict in 2022, recent trade data reveals a counterintuitive development: economic ties between the two powers are quietly resurging. In March 2025, US-Russia trade reached a two-year high of $573.4 million, a striking 50% increase from February's $389.4 million, based on official US statistics. This surge, driven primarily by Russia's exports, raises profound questions about the durability of Western sanctions, the fluidity of geopolitical alliances, and the direction of global multilateralism in an increasingly multipolar world. The Trade Reality Beneath the Political Theatre At the core of this trade revival is the United States' increased importation of critical raw materials from Russia. In March alone, the US imported $219 million worth of Russian fertilizers, $87.5 million in platinum, and additional shipments of phosphates, plywood, and other industrial goods. These are not luxuries—they are strategic commodities essential for American agriculture, industry, and technology sectors. Meanwhile, US exports to Russia remained steady at $50 million, with vaccines, medical instruments, food products, and lab testing equipment dominating the list. This points to a quiet acknowledgment of mutual dependency in key sectors. Are sanctions losing their effectiveness? This rebound in trade comes at a time when sanctions fatigue appears to be setting in across much of the West. While the European Union continues to pursue restrictions on Russian energy and technology, US businesses, especially in sectors not directly covered by sanctions are finding legal avenues to re-engage. The fact that over 150 American companies have remained operational in Russia, as stated by Russian Direct Investment Fund (RDIF) head Kirill Dmitriev, is telling. Dmitriev's remarks about foreign investors returning to the Russian market highlight a critical contradiction in Western policy: sanctions have limited long-term effectiveness when they clash with national economic interests. The demand for raw materials, metals, and agricultural inputs often overrides ideological posturing, particularly when inflation and supply chain volatility strain domestic economies. St. Petersburg Economic Forum and the Return of the Quiet Multinational The upcoming St. Petersburg International Economic Forum (SPIEF) to be held from 18–21 June 2025 under the theme Shared Values: The Foundation of Growth in a Multipolar World, is expected to further signal Russia's pivot from isolation toward reintegration. According to Dmitriev, the SPIEF will host high-level engagements with international investors, including Americans, many of whom never formally exited the Russian market. The emphasis on shared values within a multipolar framework underscores Russia's strategic narrative: that global commerce can and should transcend Western hegemony. This is not merely rhetorical, it is supported by ongoing Russian-Chinese diplomatic engagement and parallel trade surges with Global South economies. What This Means for Geopolitics and Multilateralism This quiet but steady re-engagement between the US and Russia on trade suggests that realpolitik is alive and well. Behind the scenes, national interest continues to drive policy. While Washington publicly champions Ukrainian sovereignty and denounces Russian aggression, it is simultaneously facilitating trade in critical commodities, a paradox that reveals the limits of liberal internationalism when confronted with material realities. This trend affirms the reemergence of multipolar multilateralism. Countries like Russia are no longer wholly dependent on Western markets, but they are not completely divorced from them either. Instead, a new form of pragmatic multilateralism is taking shape, one that blends ideological divergence with economic interdependence. This development also pressures institutions like the United Nations and World Trade Organisation to redefine neutrality in an age where East and West are both trading and contesting power simultaneously. In this context, platforms like the SPIEF—and even China's Belt and Road Initiative, are emerging as alternative hubs of economic diplomacy, particularly for middle powers and developing nations seeking to diversify beyond the US-EU axis. The Road Ahead: Cooperation in a Fractured World While the resumption of trade does not equate to political reconciliation, it does suggest that isolationist strategies are insufficient. As climate change, supply chain realignments, and regional conflicts continue to destabilise global systems, selective cooperation, even among adversaries, may become not just pragmatic, but necessary. Whether this trend will catalyse deeper political dialogues or remain compartmentalised within the economic sphere remains to be seen. But one thing is clear: the binary logic of Cold War politics is no longer viable in today's entangled global economy. As the United States and Russia continue to posture on the world stage, their trade numbers whisper a more complicated truth—that in an era of geopolitical rupture, economic necessity often keeps doors open where diplomacy has slammed them shut. Written By: *Dr Iqbal Survé Past chairman of the BRICS Business Council and co-chairman of the BRICS Media Forum and the BRNN *Chloe Maluleke Associate at BRICS+ Consulting Group Russian & Middle Eastern Specialist **The Views expressed do not necessarily reflect the views of Independent Media or IOL.
Business Mayor
14-05-2025
- Politics
- Business Mayor
France derides Russia's false claim of drug use by Macron, Merz and Starmer
The Élysée Palace has derided as 'disinformation' claims being promoted by Kremlin figures that Emmanuel Macron took cocaine with Friedrich Merz, the German chancellor, and Keir Starmer while on a train travelling to Kyiv. The false claims, which emerged on pro-Russian social media channels before being taken up by a Kremlin spokesperson and another official, come amid a recent surge in Kremlin efforts to marginalise European efforts to support Ukraine. 'This fake news is being spread by France's enemies, both abroad and at home. We must remain vigilant against manipulation,' the Élysée posted on X after images were shared online of Macron palming a handkerchief or tissue from a table where he was sitting with the British prime minister and Merz. While the handkerchief was clearly identifiable in high-resolution images of the meeting as the object picked up by Macron, conspiracy theorists online suggested the French president was concealing a bag containing cocaine and that Merz was holding a white cocaine spoon. 'This is a tissue. For blowing your nose,' the Élysée posted next to an image from the meeting. 'This is European unity. To build peace. 'When European unity becomes inconvenient, disinformation goes so far as to make a simple tissue look like drugs.' The cocaine claim had been rapidly amplified by senior Russian figures, including the Kremlin's foreign ministry spokesperson, Maria Zakharova, on her Telegram channel. 'After pushing Zelensky into yet another hellish scheme to derail a settlement and prolong the bloodshed in Europe, it's like a joke: a Frenchman, an Englishman, and a German got on a train – and did a line,' Zakharova wrote on Sunday. 'Apparently, they were so out of it they forgot to hide the paraphernalia – a small bag and a spoon – before the journalists arrived. Europe's fate is in the hands of placeholders who are dependent, in every sense of the word.' Kirill Dmitriev, an envoy of Vladimir Putin and head of the Russian Direct Investment Fund (RDIF), also commented on the video. 'Is this footage AI or real? If it's real – are we looking at sugar or something entirely different? If it's something else, it explains a lot of recent ideas and proposals,' he said on X. The disinformation around the drug taking, which is not the first time Russian officials have made similar untrue claims, comes amid wider efforts by the Kremlin to sow discord between the US, Europe and Ukraine over pressure for a ceasefire. 'Putin is attempting to manipulate ongoing discussions about a ceasefire and future peace in Ukraine, likely in an effort to undermine Ukrainian-US-European unity around a comprehensive 30-day ceasefire in Ukraine,' the non-profit Institute for the Study of War said this week. 'Kremlin officials have recently intensified their engagement with western media in an effort to message directly to the Trump administration and American public and portray Russia's terms for Ukraine's surrender as reasonable.' In tandem with that, Russia has stepped up more covert efforts to tarnish western leaders, not least Macron, via 'pro-Russian' accounts on social media aimed at undermining political trust. In the past Russian officials including Zakharova have suggested that the Ukrainian president, Volodymyr Zelenskyy, was an 'unstable cocaine addict' and Zakharova has also claimed that drug use was common among European leaders.
Russia Today
28-04-2025
- Business
- Russia Today
UFC's Dana White says it ‘never stopped' working with Russian fighters
The Ultimate Fighting Championship, the world's leading mixed martial arts organization, never stopped working with Russian fighters despite international tensions, UFC president Dana White has said. At the post-fight press conference following UFC on ESPN 66 in Kansas City, a reporter asked White about comments by Russian President Vladimir Putin's aide, Kirill Dmitriev, that talks were ongoing to bring UFC events back to Russia. While White did not explicitly confirm that negotiations were taking place, he emphasized that the UFC never ceased cooperation with Russian athletes. 'Yeah, listen, we never stopped. Our fighters still fought, and those things all happened during all that,' White replied. White stressed that Russian athletes have always remained active in the UFC throughout periods of political tension and international sanctions. 'We're a global business,' he continued. 'Bad shit happens all the time all around the world and, uh... yes we will run the business like we always have.' Earlier in April, Kirill Dmitriev, Putin's special representative for investment and economic cooperation, said efforts were underway to bring UFC tournaments back to Russia. Dmitriev, who is also CEO of the Russian Direct Investment Fund (RDIF), has emerged as a key figure in recent Russia-US diplomatic engagements, particularly concerning the conflict in Ukraine. His announcement regarding the UFC came after a meeting with Steve Witkoff, special envoy for US President Donald Trump, in St. Petersburg. Since 2018, RDIF has partnered with UFC Russia to promote mixed martial arts in the country. Earlier this year, Dmitriev urged Russian fans to stay optimistic about the UFC's return following Magomed Ankalaev's victory at UFC 313, where he became the first Russian fighter to win the UFC light heavyweight title. White had previously indicated that a full UFC return to Russia could depend on improved diplomatic relations. In 2022, the International Olympic Committee (IOC) recommended banning Russian and Belarusian athletes from global competitions, but leading promotions such as UFC, Bellator, and One FC did not enforce the recommendation. Despite international sanctions imposed on Moscow after the escalation of Ukraine conflict, Russian fighters have continued to compete in major mixed martial arts (MMA) organizations.
Russia Today
27-04-2025
- Business
- Russia Today
UFC president says it ‘never stopped' working with Russian fighters
The Ultimate Fighting Championship, the world's leading mixed martial arts organization, never stopped working with Russian fighters despite international tensions, UFC president Dana White has said. At the post-fight press conference following UFC on ESPN 66 in Kansas City, a reporter asked White about comments by Russian President Vladimir Putin's aide, Kirill Dmitriev, that talks were ongoing to bring UFC events back to Russia. While White did not explicitly confirm that negotiations were taking place, he emphasized that the UFC never ceased cooperation with Russian athletes. 'Yeah, listen, we never stopped. Our fighters still fought, and those things all happened during all that,' White replied. White stressed that Russian athletes have always remained active in the UFC throughout periods of political tension and international sanctions. 'We're a global business,' he continued. 'Bad shit happens all the time all around the world and, uh... yes we will run the business like we always have.' Earlier in April, Kirill Dmitriev, Putin's special representative for investment and economic cooperation, said efforts were underway to bring UFC tournaments back to Russia. Dmitriev, who is also CEO of the Russian Direct Investment Fund (RDIF), has emerged as a key figure in recent Russia-US diplomatic engagements, particularly concerning the conflict in Ukraine. His announcement regarding the UFC came after a meeting with Steve Witkoff, special envoy for US President Donald Trump, in St. Petersburg. Since 2018, RDIF has partnered with UFC Russia to promote mixed martial arts in the country. Earlier this year, Dmitriev urged Russian fans to stay optimistic about the UFC's return following Magomed Ankalaev's victory at UFC 313, where he became the first Russian fighter to win the UFC light heavyweight title. White had previously indicated that a full UFC return to Russia could depend on improved diplomatic relations. In 2022, the International Olympic Committee (IOC) recommended banning Russian and Belarusian athletes from global competitions, but leading promotions such as UFC, Bellator, and One FC did not enforce the recommendation. Despite international sanctions imposed on Moscow after the escalation of Ukraine conflict, Russian fighters have continued to compete in major mixed martial arts (MMA) organizations.
Russia Today
17-04-2025
- Business
- Russia Today
Russia and Qatar strike $2bn investment deal
Russia and Qatar have signed an agreement to establish a new $2 billion investment platform aimed at strengthening economic ties and boosting bilateral cooperation. The deal was signed on Thursday following talks in Moscow between Russian President Vladimir Putin and Qatari Emir Sheikh Tamim bin Hamad Al Thani, who was in Russia on a state visit. Under the agreement, the countries' sovereign wealth funds will expand their partnership, focusing on joint investments in technology, healthcare, mineral extraction, and other areas of mutual interest. The Russian Direct Investment Fund (RDIF) and Qatar Investment Authority (QIA) will each contribute $1 billion to the new platform, according to a press release. The RDIF and QIA launched their first joint investment venture in 2014, with $4 billion in capital. That platform has since backed projects across Russia in areas such as financial and banking services, artificial intelligence, metals, logistics, transport and other sectors. The new partnership opens up 'significant potential,' said RDIF CEO and Putin's investment envoy, Kirill Dmitriev, creating opportunities for Russian companies in Middle Eastern markets and supporting Qatari businesses entering the Russian market. 'Together with Qatar, we've already invested in more than 15 projects worth over $1 billion,' Dmitriev told reporters. Qatari businessmen are keen to invest in Russia as a leading investment destination with lucrative opportunities, chairman of the Qatar Chamber of Commerce and Industry, Sheikh Khalifa bin Jassim bin Mohammed Al Thani, told Qatar News Agency on Thursday. READ MORE: Putin and Qatari emir discuss crises in Gaza and Syria In addition to the investment deal, the sides have also signed agreements and memoranda of understanding in finance, healthcare and sports. Putin and Al Thani discussed prospects for diversifying and increasing the volume of bilateral trade among other issues.
