Mexico to boost trade ties with Russia – diplomat

Russia and Mexico have vast prospects for economic cooperation, the country’s ambassador to Moscow, Norma Pensado Moreno, said on Wednesday, noting that mutual trade turnover has already exceeded $1.5 billion this year, despite the current challenges.

“Economic relations between Russia and Mexico have been rather stable but they have large potential for further development,” she told reporters.

Moreno stressed that trade between the nations has grown substantially in part due to Mexico’s purchases of Russia’s Sputnik V vaccine during the Covid-19 pandemic in 2020-2021. She also noted that there’s room for the countries to boost cooperation in such areas as epidemiology and agriculture.

“As for this year, the trade turnover reached $1.573 billion in the first three trimesters,” the diplomat said.

Moscow has built strong ties with a number of Latin American states, including Mexico. Russia’s second largest oil producer, Lukoil, is currently involved in a joint project with a Mexican oil and gas company to develop offshore oil fields in the Gulf of Mexico.

Mexico has refused to join Western sanctions on Russia over the conflict in Ukraine.

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