Russia-Brazil: New Horizons of Business Cooperation in Global Transition

Abstract

The article provides a comprehensive study of international economic relations between Russia and Brazil since the introduction of large-scale Western sanctions in 2022. It focuses on identifying new trends in the bilateral trade in goods, analyzing the possibilities for Russia’s exports to keep its growth momentum, as well as prospects for diversifying supplies of Russian products to the Brazilian market. Brazil’s share in Russia’s trade with the members of the expanded BRICS was estimated, suggesting its importance as a foreign trade partner. Brazilian imports to Russia were also analyzed in terms of the prospects for replacing Western goods falling out due to anti-Russian restrictions. In particular, aspects related to problems in settling payments and the search for new financial settlement mechanisms are studied. As part of the assessment of the prospects for Russian-Brazilian economic relations in the new realities, promising areas for expanding bilateral business cooperation are identified.