Brazil signed a memorandum with Russia to strengthen financial and economic cooperation after the US authorities allowed the introduction of secondary sanctions or tariffs if the South American republic continues its trade relations with the Russian Federation.
This was stated in the Brazilian government bulletin.
“The memorandum of understanding is aimed at coordinating aspects of financial and economic cooperation between the two countries through the establishment of a regular bilateral economic and financial dialogue“, the document notes.
Earlier, the US administration indicated the possibility of applying both secondary sanctions and additional tariffs against countries that are key trading partners of the Russian Federation.
The document states further that the countries will organize expert commissions and councils to determine further steps to strengthen the partnership. In addition, the countries agreed to facilitate the work of the bilateral High-Level Commission on Cooperation, as well as to interact within the framework of BRICS and the G-20.
On May 9, the Kremlin hosted high-level Russian-Brazilian talks. Russian President Vladimir Putin noted the progressive development of relations between the two countries. According to him, the two countries actively interact in the international arena - in the UN, BRICS and the G-20. Brazilian leader Lula da Silva indicated the desire of the country's authorities to strengthen the strategic partnership with Moscow. He emphasized that the priority areas of cooperation for the South American republic are culture, science and technology. At the same time, Brazil wants to develop contacts with the Russian Federation in the fields of defense and space.