Is China strategically leveraging sanctions against Russia to fuel its economic growth? Reports indicate the BRICS member China has saved a substantial $10 billion this year by purchasing oil at significantly cheaper rates from countries facing Western sanctions, including Russia and Iran. This strategy, highlighted by Reuters and other news outlets, reveals a calculated approach to navigate the complex global energy landscape.

China\'s $10 Billion Oil Savings: A BRICS Advantage?

The US pressing sanctions against Russia, a fellow BRICS member, ironically seems to be benefiting China. By ditching the US dollar and settling trade in their respective currencies, China and India are acquiring laundered oil at discounted prices. This represents a significant departure from traditional trade routes and currency dependencies. China, in particular, has reaped savings this year of nearly $10 billion through record purchases, according to Reuters\' calculations.

How is China Saving Billions on Oil?

The mechanism involves purchasing oil from sanctioned countries like Russia and Iran at reduced rates. This oil is sometimes referred to as "laundered oil," suggesting a potential complexity in its origin and transaction process. The BRICS members China and India are both reportedly involved in these transactions, taking advantage of the opportunity to secure cheaper energy resources.

This situation raises questions about the effectiveness of sanctions and the shifting dynamics within the BRICS economic bloc. The ability of BRICS country China to secure such significant savings through cheaper oil purchases highlights a potential consequence of the current geopolitical climate. The ongoing reliance on sanctioned nations\' resources allows China to strengthen its energy security and further solidify its position within the global economy. Information sourced from Reuters and World One News Page: Thursday.