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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.
Borneo Post
14-05-2025
- Business
- Borneo Post
PM Anwar attends roundtable meeting with Russian industry leaders
MOSCOW (May 14): Prime Minister Datuk Seri Anwar Ibrahim continued the agenda of his second day of official visit to Russia by attending a roundtable meeting with industry leaders of the Russian Federation. The meeting, which began at 9am here, was attended by 24 major companies in Russia and two business councils represented by industry leaders to discuss strategic cooperation in increasing bilateral trade between Malaysia and Russia. In the meeting, industry leaders in Russia expressed their desire to explore new collaborations in various fields including food manufacturing, agriculture, technology, logistics services, property development and financial services. The meeting covered industrial sectors involving major products such as palm oil-based products, furniture manufacturing, chemical industry and retail. Among the companies involved were Oil Partners, Sportmaster and Russian Direct Investment Fund. The meeting was also attended by Foreign Minister Datuk Seri Mohamad Hasan, Agriculture and Food Security Minister Datuk Seri Mohamad Sabu, Science, Technology and Innovation Minister Chang Li Kang, Higher Education Minister Datuk Seri Dr Zambry Abdul Kadir and Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani. In 2024, Russia was Malaysia's ninth largest trading partner among European nations, with a trade volume of RM11.46 billion. Malaysia's main exports to Russia include electrical and electronic products, machinery, equipment and spare parts, and processed foods. – Bernama
The Sun
14-05-2025
- Business
- The Sun
PM attends roundtable meeting with Russian industry players
MOSCOW: Prime Minister Datuk Seri Anwar Ibrahim continued the agenda of his second day of official visit to Russia by attending a roundtable meeting with industry leaders of the Russian Federation. The meeting, which began at 9 am here, was attended by 24 major companies in Russia and two business councils represented by industry leaders to discuss strategic cooperation in increasing bilateral trade between Malaysia and Russia. In the meeting, industry leaders in Russia expressed their desire to explore new collaborations in various fields including food manufacturing, agriculture, technology, logistics services, property development and financial services. The meeting covered industrial sectors involving major products such as palm oil-based products, furniture manufacturing, chemical industry and retail. Among the companies involved were Oil Partners, Sportmaster and Russian Direct Investment Fund. The meeting was also attended by Foreign Minister Datuk Seri Mohamad Hasan, Agriculture and Food Security Minister Datuk Seri Mohamad Sabu, Science, Technology and Innovation Minister Chang Li Kang, Higher Education Minister Datuk Seri Dr Zambry Abdul Kadir and Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani. In 2024, Russia was Malaysia's ninth largest trading partner among European nations, with a trade volume of RM11.46 billion. Malaysia's main exports to Russia include electrical and electronic products, machinery, equipment and spare parts, and processed foods.
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.
Saba Yemen
03-05-2025
- Business
- Saba Yemen
Moscow: Russia-US trade relations severely declined
Unite Nations - Saba: The deputy representative of Russia to the United Nations, Dmitry Polleski, on Saturday said the trade relations between Moscow and Washington have declined to a level that is not appropriate for great powers. "In fact, our commercial and economic relations have decreased to a level that is not worthy of the great powers," Sputnik quoted Pollensky as saying, when asked whether US President Donald Trump is seeking to improve trade relations. The Russian official expressed his belief that Trump is aware of this matter "and is making efforts to open this separation from our relationships as well." He stressed that the head of the Russian Direct Investment Fund and the Special Presidential Envoy for Economic Cooperation with Foreign Countries, Kirill Dmitriev "is actively involved in normalizing relations with the United States on behalf of Russia." Last month, the Kremlin spokesman, Dmitry Peskov, said that Russia is currently working to restore relations with the United States of America. "You know that we are now involved in restoring our relations with the United States," Dmitry Peskov said at a press conference, noting that the contacts made by the head of the Russian Direct Investment Fund Kirill Dmitriev in Washington are very important, and will continue to work in it. "The communications, such as those made by Kirill Dmitriev, in Washington, are very important. This is very important. Work will continue," Peskov told reporters, in response to a question whether it is possible to talk today about confident optimism between Russia and the United States. Since the start of the private military operation in Ukraine, on February 24, 2022, many Western countries have imposed unprecedented sanctions on Russia, and to provide financial and military support to the Kiev regime. The effects of those sanctions have been negatively on the countries that they imposed, which led to the high prices of electricity, fuel and food in Europe and the United States. Russian President Vladimir Putin stressed earlier that the policy of containing and weakening Russia is a long -term strategy for the West, and it will not be effective, pointing out that the sanctions dealt a serious blow to the entire global economy, and that the West is looking to destroy the lives of millions of people. Whatsapp Telegram Email Print
