BRICS Surpasses G7 Economically as India-Russia Energy Ties Deepen Amid US Sanctions

India is currently hosting the BRICS summit, marking a significant geopolitical milestone as the bloc's combined economic capacity based on Purchasing Power Parity (PPP) has reached $88 trillion, surpassing the G7's $62 trillion. This shift highlights the growing influence of emerging economies, now representing nearly half the global population. A central focus of the summit is the strengthening India-Russia partnership, particularly in energy security. Since the onset of the Ukraine war, Russia’s share of India’s oil imports has surged from 2% to nearly 25%, making it India's largest supplier despite US sanctions on Russian oil giants Rosneft and Lukoil. With the Strait of Hormuz recently blocked by Iran, threatening traditional Gulf supplies, India secured temporary US waivers to maintain these critical energy flows. Russian Foreign Minister Sergey Lavrov criticized Western pressure as unfair competition, while Indian External Affairs Minister S. Jaishankar emphasized the need for stable maritime routes. The expanding BRICS alliance, bolstered by new members like Egypt and Indonesia, challenges Western economic dominance, with the India-Russia energy axis serving as a pivotal element in this realignment of global power dynamics.