Western sanctions on Russia could push the BRICS alliance closer
A general view of flags of (From L to R) South Africa, Brazil, Russia, India and China during the 2023 BRICS Summit at the Sandton Convention Centre in Johannesburg on August 24, 2023.
Michele Spatari | Afp | Getty Images
SINGAPORE — Sanctions imposed by the West on Russia are pushing the BRICS nations closer, said oil executives at the recent APPEC conference in Singapore.
“Looking at the oil markets today … the Western sanctions on Russia are working. They’re working in the sense that they’re creating less or lower revenues, lower invoice prices for Russian goods,” said Russell Hardy, CEO of energy trading firm Vitol.
Last year, following Russia’s invasion of Ukraine in February, the Group of 7 nations introduced a oil price cap mechanism which limited revenue for the Kremlin’s war coffers while retaining Russian flows to the global market.
Among the spate of sanctions were the European Union adoption of an anti-circumvention tool in June to restrict the sale, supply and export of specified sanctioned goods and technology to certain third countries acting as intermediaries for Russia. In May, the G7 announced the bloc’s intentions to limit trade in Russian diamonds.
However, these sanctions could also lead to other unintended knock-on consequences which Hardy considers “negative.”
“The flip side of sanctions is that it is creating stronger bonds between BRICS countries, which in turn is a sort of an opposite force, of polar opposites, to Western politics,” he said.
The BRICS alliance includes Russia, as well as composed Brazil, India, China and South Africa. The bloc met last week and invited oil heavyweights including Saudi Arabia and the UAE — as well as Iran, Ethiopia, Egypt, Argentina — to join the alliance in 2024.
Everybody is irritated by the U.S. government, the U.S. Treasury sanctioning … So people say is there any way to create a counterforce, counterbalance to G7 or G20? BRICS is the candidate.
Fereidun Fesharaki
FGE Chairman
“I think that’s a very negative aspect,” Hardy added, raising his concerns for the next year or two as Russian traders “take the opportunity to forge those bonds between Russian energy supply and the BRIC countries.”
The BRICS nations have had different brushes in their relationships with the West.
For China, tensions with the U.S. have risen on several fronts including diplomatic, trade and technology, with both sides restricting exports in a tit-for-tat move.
Meanwhile, India and China have also both ramped up their imports of discounted Russian crude since the war in Ukraine, with Moscow leapfrogging to become India’s leading source of crude oil and accounting for about 40% of India’s crude imports.
“Everybody is irritated by the U.S. government, the U.S. Treasury sanctioning … So people say is there any way to create a counterforce, counterbalance to G7 or G20? BRICS is the candidate,” Fereidun Fesharaki, chairman of energy consultancy Facts Global Energy, said at a panel discussion during the event.
At the recent BRICS summit in South Africa, Brazilian leader Luiz Inácio Lula da Silva highlighted that the alliance is continuing to assess the possibility of a common currency.
During a state visit to China in April, he also reportedly called for a reduced reliance on the U.S. dollar for global trade.
But Fesharaki said that de-dollarization, or shifting away from trading in the greenback, is still a long way off.
“Nobody can replace the U.S. dollar. The U.S. dollar is very, very powerful,” he acknowledged.
“In fact, if any currency was offered to replace the U.S. dollar, the turbulence in the oil prices [will be] so dramatic. Nobody wants it actually.”
Greenlane, which provides public charging infrastructure for electric trucks, just rolled out a new dealer program called “Charge On Us,” which offers $500 in charging credits and six months of free Greenlane Edge subscription access with every qualifying electric truck purchase. The offer applies across light-, medium-, and heavy-duty models. Velocity Truck Centers, one of North America’s largest commercial truck dealers with 65 locations across the US, is the first partner to sign on.
Scott Zeppenfeldt, COO of Velocity, said charging is the biggest unknown for customers considering the switch. “Where to charge, how to support it, and how to pay for it all” often stops fleets from moving forward, he explained. “Greenlane’s ‘Charge On Us’ program removes those hurdles by letting our customers rely on public infrastructure instead of investing time and money in their own charging setup. We’re excited to run pilot programs out of their flagship Colton facility and utilize other sites on their network. This gives us a real-world proving ground to show customers how straightforward electric can be when the charging piece is handled.”
For dealers, the program comes with sales support, marketing resources, and customer service, plus access to Greenlane’s growing public charging network. Dealers also get subscriptions to the network, which makes it easier to run pilots at Greenlane facilities and test the experience with customers. The Greenlane Edge subscription unlocks discounted charging rates, advanced reservation tools, and billing software that can lower the total cost of ownership and streamline freight operations. Fleets also gain access to real-time charging data, route planning support, and consolidated billing.
“As more heavy-duty fleets shift to electric, we need to address the real concerns holding them back: where to charge, cost, and how to deploy charging infrastructure day one,” said Patrick Macdonald-King, CEO of Greenlane. “Our program tackles these issues by providing immediate charging credits, access to high-speed chargers, and our technology ecosystem that delivers a seamless charging solution. Partnering with Velocity helps us scale that impact and make electrification easier for more companies by lowering the cost of entry and complexity of procuring power and deploying infrastructure.”
Greenlane opened its flagship charging center in Colton, California, in April. The site features over 40 high-speed chargers, including 12 pull-through and 29 bobtail lanes built for medium- and heavy-duty EVs. It also offers driver-friendly amenities like restrooms, wifi, carports, and 24/7 security, plus extras such as office space and parking. The Colton facility sits at the junction of I-215 and I-10 and anchors Greenlane’s I-15 charging corridor linking Los Angeles and Las Vegas. It’s also part of the I-10 corridor, with new sites on the way in Blythe, California, and Greater Phoenix.
Read more: Greenlane launches a second long-haul EV truck corridor pilot
The 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
FTC: We use income earning auto affiliate links. More.
The Jeep Gladiator 4xe is dead before arrival. Jeep’s plug-in pickup was expected to arrive as a sibling to the Wrangler PHEV, but that will no longer be the case.
Why did Jeep cancel the Gladiator 4xe?
Jeep’s plug-in hybrid pickup was set to arrive this year. As a midsize pickup and one of the best-selling Jeep vehicles in the US, the Gladiator is a perfect fit for a plug-in hybrid (PHEV) system, right?
It seemed like it, but Jeep maker Stellantis disagrees. According to a report from Automotive News, Stellantis told its suppliers that it’s no longer planning to launch the Gladiator 4xe.
The Gladiator PHEV is the latest vehicle that Stellantis has canceled as it reassesses its product lineup in the US.
A company spokesperson confirmed the decision with Car and Driver, saying, “As customers’ propulsion preferences for battery-electric trucks continue to evolve, Stellantis is reassessing its product strategy and will no longer include an electrified Gladiator variant in the Jeep lineup.”
The spokesperson added that Jeep has “already begun reinvesting funding to ensure the long-term growth of the Jeep Gladiator and will introduce even more customer-requested factory features, customization, and additional powertrain options in the near future.”
Does that mean an “electrified” option is still in the pipeline? It could. Earlier this month, Stellantis canceled Ram’s all-electric pickup, the Ram 1500 REV. It also dropped the base R/T trim from the Dodge Charger EV.
The Ramcharger, a range-extended electric vehicle (REEV), will instead take its spot and name (Ram 1500 REV). With the plug-in hybrid Gladiator 4xe canceled, Jeep’s Gladiator could be next in line for an REEV powertrain option.
Until then, Jeep still offers plug-in hybrid Wrangler and Grand Cherokee models, which were the top two best-selling PHEVs in the US in the first half of 2025.
FTC: We use income earning auto affiliate links. More.
XCharge North America (NA) and Ascentium Capital have launched a new leasing program to help small-business owners host DC fast chargers without having to front huge amounts of cash or rely on government incentives.
Businesses can lease XCharge NA’s DC fast chargers – up to 400kW – for an affordable monthly rate. That way, they can tap into the US public DC fast-charging market, which is expected to grow at a 14% compound annual rate through 2040 and generate $3.3 billion in annual market value, without paying steep upfront costs. Unlike charging-as-a-service models, where operators earn a percentage of the revenue, lessees in this program can earn the full charging revenue.
The program is modeled after a financing structure used in the auto industry. It bundles installation, equipment, warranties, and maintenance into a single package to simplify things for business owners. XCharge NA says its GridLink and C6 chargers can also be installed faster than typical fast chargers, and the equipment can be moved to different sites if needed. Because the chargers integrate with existing infrastructure, businesses don’t need to worry about major grid upgrades or transformer installations.
“At our core, XCharge NA has always been focused on making EV charging more accessible for businesses of all sizes – from high-traffic airports to small-business owners,” said Aatish Patel, co-founder and president of XCharge NA. “Our new financing model was designed to mitigate risk for individuals looking to get into EV charging without significant upfront [capital expenditure].”
Patel added that working with Ascentium brought the financial expertise needed to make the program possible. Stephen Interlicchio, senior vice president of strategic services for Ascentium, said, “This type of flexible capital option is exactly what the industry needs now, especially to empower small businesses and real estate owners that don’t have the ability to pay significant costs up front but are committed to participating in the EV transition.”
Leasing a C6 EV charger (pictured) starts at $800 a month. You can learn more here.
Read more: Texas trailblazes with DC fast chargers with integrated battery storage
The 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
FTC: We use income earning auto affiliate links. More.
-
Sports3 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports1 year agoStory injured on diving stop, exits Red Sox game
-
Sports2 years agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoButton battles heat exhaustion in NASCAR debut
-
Sports3 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment12 months agoHere are the best electric bikes you can buy at every price level in October 2024