About 10,000 visitors are expected at the two events in Ufa – the BRICS and the Shanghai Cooperation Organization (SCO) summits – taking place on July 8-10. RT will keep you updated on the latest developments.
10 July 2015
Russian President Vladimir Putin has held a Q&A session with journalists, wrapped up the 3-day BRICS/SCO summits in Ufa. He repeated that Greece hasn’t asked Russia for financial help. He also expressed hope for a quick resolution of the crisis in Ukraine as well as the Iran nuclear deal.The President invited the journalists to the Eastern Economic Forum that’ll take place in Vladivostok in October.
Here is the SCO declaration, as yet only available in Russian
RT sums up the BRICS summit in Ufa, gives the mood of the Western media and also Dilma Rousseff’s opinion that sanctions are a dead-end.
United Nations Under-Secretary-General for Political Affairs Jeffrey Feltman spoke to RT on the sidelines of the forum about the conflict in south-east Ukraine, ISIS, the immigration problems in Europe and UN role in settling world conflicts.
SCO summit ended with adoption of documents aimed at expanding the six-member organization. The leaders of Russia, China, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan have inked the decision to launch the procedure of accession of India and Pakistan to the bloc. Belarus was granted and observer status, while Azerbaijan, Armenia, Cambodia and Nepal became dialogue partners.
SCO leaders have signed the Ufa declaration and the development strategy up to 2025 and agreed to tackle terrorism, separatism and extremism. The next SCO summit will be held in September 2016 in Uzbekistan.
India has been an actively participating in SCO activities that are open to Observers. We have deeply valued our association with SCO: PM
— PMO India (@PMOIndia) July 10, 2015
I also take this opportunity to congratulate Pakistan on joining the SCO: PM @narendramodi at the SCO Summit
— PMO India (@PMOIndia) July 10, 2015
SCO leaders have signed a document to begin the accession procedure of Pakistan into the group.
Mongolia expects representatives of the SCO at the autumn session of the OSCE Parliamentary Assembly to be held in Ulan Bator, said President Tsakhiagiin Elbegdorj.
SCO members are planning to issue international youth travel cards, said President Putin at the SCO summit. "I am convinced that this project will help young people develop mutual contacts," Putin said.
South African Trade and Industry Minister Rob Davies is talking to RT on trade with Russia, the importance of BRICS development and negative response of his country to anti-Russian sanctions.
Ufa summit marks a new level of SCO development, as India and Pakistan start accession procedure, said President Putin.
India and Pakistan are mending fences, says a joint statement after the talks between the prime ministers of India and Pakistan in Ufa.
"The meeting was held in a cordial atmosphere," say Pakistani Foreign Secretary Auzaz Ahmad Chaudhry and Foreign Secretary Subrahmanyam Jaishankar of India.
"They [the prime ministers] agreed that India and Pakistan have a collective responsibility to ensure and promote development. To do so, they are prepared to discuss outstanding issues," the statement says.
Capital outflow from Russia will reach about $90 billion in 2015, Ulyukayev told journalists.
BRICS isn’t discussing the creation of a free trade zone yet, said Russian Minister of Economic Development Aleksey Ulyukaev.
Indian Prime Minister Narendra Modi will visit Pakistan in 2016 to attend the SAARC (South Asian Association for Regional Cooperation) summit, said the foreign secretary of India, Subrahmanyam Jaishankar, after talks between the prime ministers of India and Pakistan in Ufa.
The China-led Asian Infrastructure Investments Bank (AIIB) and the BRICS New Development Bank (NDB), which will also be headquartered in China, won’t compete with each other, said the director general at the Department of International Economic Cooperation of China's Ministry of Foreign Affairs.
"These two banks enjoy great potential for cooperation," Zhang Jun told journalists at the BRICS summary press conference.
The heads of SCO states will draft the organization's strategy until 2025 at the summit in Ufa. The document will define its objectives in detail, said SCO Secretary General Dmitry Mezentsev.
Dilma Rousseff spoke to RT and said that Brazil neither exerts nor supports sanctions.
SCO talks are topping the agenda on the last day of the Ufa summits. President Putin is expected to give a news conference at 13:00 GMT. India and Pakistan are starting the accession procedure and SCO leaders are signing the documents needed – monitor the events on RT live updates.
09 July 2015
Kyrgystan’s President Almazbek Atambayev has arrived in Ufa to participate in the SCO summit. The SCO, or Shanghai Pact, includes China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, and Uzbekistan.
Had a great meeting with President @dilmabr. We are very optimistic about the potential of strong India-Brazil ties. pic.twitter.com/mJTf5C4CTT
— Narendra Modi (@narendramodi) July 9, 2015
Wrapping up the work of the second day of the summit, President Vladimir Putin said in a statement that the BRICS leaders discussed pressing global and regional issues, dealt in detail with the situation in the global economy, expanding humanitarian cooperation and other issues.
Press statement following #BRICS2015http://t.co/kqYDH0lclLpic.twitter.com/kpsJrgZh5y
— BRICS2015 (@BRICS2015) July 9, 2015
Russia has taken into consideration the fact that Ukraine might fail to return the $3 billion loan in Ukrainian Eurobonds to Russia, Russian Finance Minister Anton Siluanov reiterated during the BRICS summit in Ufa. He repeated that Moscow will not write off Kiev’s debt and is willing to take legal action.
“There is no news on Ukraine, its debt. [Kiev] cannot reach an agreement [with its creditors],” he told reporters. “If they fail to pay us, we will take matters to court…The money has been pledged to the projects, we have a limit of 60 percent.”
Mongolian President Elbegdorj Tsakhia has proposed to Vladimir Putin and Xi Jinping that Russia and China build a gas pipeline across his country.
Russian Deputy Foreign Minister Sergey Ryabkov tells RT a nuclear deal with Iran can be sealed at any moment.
Right now meeting with President Putin re deepening of bilateral ties & further cooperation. #ConstructiveEngagementpic.twitter.com/8mU8kF4oSH
— Hassan Rouhani (@HassanRouhani) July 9, 2015
BRICS urges opposition to all forms of trade protectionism and provide support to the World Trade Organization.
Here's a final Ufa declaration of the BRICS summit
#BRICS 2015 Ufa declaration - manifesto of new geopolitical world order
BRICS considers it "extremely necessary" to preserve the sovereignty and territorial integrity of Libya/
The trade unions in BRICS member states are hoping their governments will seek to reform the IMF and World Bank, says a declaration of the fourth BRICS Trade Union Forum, adopted on Thursday in Ufa.
"It is imperative to adhere to responsible macroeconomic and financial policies and structural reforms, create decent jobs and sources of income for the workers of the world," say the unions.
BRICS leaders signed six documents, including a joint declaration and an action plan for a BRICS economic partnership.
In addition, the heads of state and government signed a memorandum of understanding to establish a joint BRICS website. The Memorandum was signed by the ministries of foreign affairs of the five countries.
Signing joint documents following the #BRICS leaders meeting pic.twitter.com/4JUFOIeUKA
— BRICS2015 (@BRICS2015) July 9, 2015
Pakistani Prime Minister Nawaz Sharif arrives in Ufa to participate in the SCO summit.
BRICS should increase its representation in international organizations, including the IMF, said Brazilian President Dilma Rousseff.
"We will work in this direction in the next year under the chairmanship of China," said Rousseff.
BRICS countries should strengthen cooperation in the field of information security and internet governance, said President Xi Jinping.
Top policymakers refute Western media accusations that Russia wants to disharmonize the EU and Greece. Watch RT's Egor Piskunov reporting from the summits.
Indian Prime Minister Narendra Modi expects the first draft project to be approved by NDB will be in the field of renewable energy.
Modi suggests organizing a football tournament between the BRICS countries in 2016, as it very popular within the group.
Russia as the chairman of BRICS has proposed a roadmap for investment cooperation, which includes the idea of creating an energy union within the bloc, said Russian President Vladimir Putin. "We have consulted with our businesses, and have included about 50 projects and initiatives, including the establishment of an energy association, the creation of an international energy research centre, as well as founding an industry union, " said Putin at a meeting with the heads of the BRICS countries
The BRICS New Development Bank will consider the feasibility of new infrastructure projects by the end of the year, and the acceptance procedure will be clear and transparent, Russian Finance Minister Anton Siluanov told RT.
The first funding will be awarded at the beginning of next year, he added.
Siluanov also spoke on the impact on Russia of sanctions being lifted from Iran.
Injecting new oil to the world markets could impact prices, said Siluanov. But the price depends on the global economy at large. How would the big crude consumers feel, he added. “If there is enough demand, the impact will be minimal,” said the Russian minister.
A further fall in oil prices would result in a recession in US shale, it wouldn’t be cost-effective to invest in shale, that’s how the market self-regulates, he said.
Lifting Iranian sanctions is not a threat to Russia, says Foreign Minister Lavrov.
"I am confident our companies are competitive and experienced enough not to fear such consequences," he added.
Foreign minister #Lavrov speaking to the press right now @ #BRICS summit in Ufa pic.twitter.com/Zeyr4ThZQc
— Egor Piskunov (@egorpiskunov_RT) July 9, 2015
— RT UK (@RTUKnews) July 9, 2015
#BRICS leaders pose for joint photo in Ufa http://t.co/XlAGN0DGnOpic.twitter.com/nrb2pbEm6G
— Ruptly (@Ruptly) July 9, 2015
India expects to sign an intra-bloc customs agreement to facilitate trade, said the prime minister of India, Narendra Modi speaking at the BRICS business council.
Iran and the P5+1 group of international negotiators are close to a final agreement on Tehran's nuclear program, said Foreign Minister Sergey Lavrov at the summits.
"It is based on a formula of 'ensuring Iran's right to develop peaceful atomic materials, including the right to enrich uranium, for clarifying all issues related to Iran's nuclear program, and lifting all sanctions," he added.
BRICS New Development Bank can accumulate up to $400 billion in capital, says the bank’s head KV Kamath.
"Long-term lending follows this model: you have your parent capital, and you can leverage that typically two to three times as debt, " Kamath said."If you fully bring in your parent capital [$100 billon - Ed.] you have another $200-300 billion over that, so you could do $300-400 billion worth of lending," he added.
Russia has already performed currency swap with China, as there has been ruble/yuan trade in futures. The same development with the other BRICS states is “interesting,” said President Putin.
READ MORE: Defying the dollar Russia & China agree currency swap worth over $20bn
Just interviewed Russia's finance minister Anton Siluanov about the new #BRICS bank pic.twitter.com/4KSJPvPV1Z
— Egor Piskunov (@egorpiskunov_RT) July 9, 2015
South African President Jacob Zuma has suggested the BRICS countries should facilitate visas for the bloc’s businessmen. Speaking at a meeting of leaders and members of the BRICS of the Business Council, he recalled that South Africa had introduced these easing measures in 2014.
READ MORE: BRICS members aim to introduce business travel card
Russia is interested in a strong EU, which it won’t be without one of the EU countries, said Russian Foreign Minister Sergey Lavrov. Allegations that Russia is happy with the contretemps between Greece and the EU are a distortion of Russia’s position, he added.
Putin is hosting the first session of the summit, where the leaders of BRICS countries are making welcome speeches. Watch Live at RT.
President Putin met with the representatives of BRICS trade unions.
Belarus is to receive the second part of $760-million Russian loan in July, says Siluanov.
Finance Minister Siluanov says Chinese investors have bought up to $1.05 billion in Russian shares so far in 2015, and the trend is continuing.
Welcome to the second day of BRICS/SCO summits in Ufa. The countries’ leaders will sign joint documents at about 11:00 am GMT. Putin’s meeting with Iranian president Rouhani and Russia-China-Mongolia trilateral presidential talks are one of the key events of the day. Stay tuned.
08 July 2015
Iranian president Hassan Rouhani has arrived to Russia’s Ufa city to take part in SCO summit. His arrival was initially scheduled for Thursday, but due to changes in his itinerary he was able to come earlier. Iran is an SCO observer state along with Afghanistan, India, Mongolia and Pakistan.
President Vladimir Putin met his Brazilian counterpart Dilma Rousseff greeting her with a handshake.The heads of state discussed key issues in bilateral cooperation, including the opportunity to expand trade as well as cultural and humanitarian ties.
“First of all, I would like to note that our relations are developing quite positively and we are seeing regular [points of] contact in nearly all areas, including within the framework of the parliamentary dimension,” said Putin at the meeting.
“We are grateful to you that two Brazilian stations are already using the GLONASS system and now, we will agree on creating a complex for finding space debris – an extremely important issue not only for Russia and Brazil, but for nearly all participants in international communications and those working in space.”
Will land in #Russia soon for 2-day visit to speak at #BRICS& #SCO summits & meet w/ Pres Putin & other counterparts. #ConstructiveEnagement
— Hassan Rouhani (@HassanRouhani) July 8, 2015
Russian Finance Minister Anton Siluanov has been appointed Chairman of the BRICS New Development Bank (NDB). The $100 billion NDB has been set up to finance infrastructure projects in BRICS and other developing countries.
Anton Siluanov has been appointed Board Chairman of the New Development Bank http://t.co/4epDrMv51dpic.twitter.com/IuE0KX7adW
— BRICS2015 (@BRICS2015) July 8, 2015
The process of India’s accession to the Shanghai Cooperation Organisation (SCO) will kick off at the BRICS summit in Ufa, Russian President Vladimir Putin said Wednesday while meeting with Indian Prime Minister Narendra Modi.
"The upcoming BRICS meeting will outline a long-term strategy of economic partnership and launch the practical work of the Development Bank and pool of foreign exchange reserves," Putin added.
First president of the BRICS New Development Bank (NDB) - Kundapur Vaman Kamath
BRICS New Development Bank is ready to finance projects in the currencies of the bloc, since the local markets are already able to fund in local currencies, says bank head KV Kamath.
Rosneft and Essar plan to triple the number of gas stations in India over two years, to as many as 5,000 says the Russian company.
Rosneft and India's Essar Oil have signed a long-term contract for the supply of crude oil to India, says CEO Sechin.
Rosneft will take over the refinery owned by the Indian company. There are plans to increase the capacity to 45 million tons, and expand the network of gas stations in India.
Russian President Vladimir Putin is talking to the President of South Africa Jacob Zuma.
Brazilian President Dilma #Rousseff arrives at #BRICS summit in Ufa, Russia - LIVE UPDATES http://t.co/NQn51e6SSbpic.twitter.com/jkQccV8Y0Y
— RT (@RT_com) July 8, 2015
Brazilian President Dilma Rousseff has arrived in Ufa for the BRICS summit. The ministers of foreign affairs, finance, defense, agriculture and the head of the central bank are with her, TASS reports.
PHOTOS - Putin holds meeting with prime minister of India Narendra Modi Watch: http://t.co/Lyimbg9qu3pic.twitter.com/D3Wv02Bvmk
— Ruptly (@Ruptly) July 8, 2015
India's PM Modi offered Putin to next time meet in the Russian city of Astrakhan.
Modi visited the city when working as the chief minister of the Indian state of Gujarat. "In Astrakhan there is a building called the House of India. It turns out that in those days, when merchants from Gujarat went to Astrakhan, they lived there. And now Astrakhan citizens with great pride show us how they retained the building, the house,” Modi said then.
Putin and Xi Jinping have discussed cooperation on the new Silk Road Project, says Gui Congyou, Director General of China’s Department of European-Central Asian affairs.
The process of India joining SCO is starting, said Putin at a meeting with Modi.
— MFA Russia (@mfa_russia) July 7, 2015
Iranian President Hassan Rouhani to arrive in Ufa a day earlier than planned, reports RIA quoting sources in the Iranian delegation.
Putin has talked to Modi at the BRICS and Shanghai Cooperation Organization (SCO) summits in Ufa.
China is ready to invest in all sectors of the Russian economy, as it sees acceleration in growth, said Gui Congyou, Director General at China’s Department of European-Central Asian affairs.
Brazil has given green light to import of Russian fish products, says a statement from Russian agriculture watchdog Rosselkhoznadzor.
Russia to offer lifting restrictions on Chinese banks working in the Russian bond market, says Finance Minister Siluanov.
The creation of the new #BRICS bank topping the agenda at the summit in Ufa so far
— Egor Piskunov (@egorpiskunov_RT) July 8, 2015
RT’s Egor Piskunov is updating you on the summits and summing up why you should care.
Vladimir Putin met with China’s President Xi Jinping on the sidelines of #BRICS, #SCO in Ufa http://t.co/eu5Qc1TvTdpic.twitter.com/fbPgC86wE1
— President of Russia (@KremlinRussia_E) July 8, 2015
Xi Jinping has invited Putin to China in September to commemorate the 70th anniversary of victory against “Japanese invaders, as well as the world anti-fascist war.”
Putin had already said he planned to visit China in September.
India's PM Modi tweets his arrival in Ufa.
— Narendra Modi (@narendramodi) July 8, 2015
"We are well aware of difficulties that we have to face both in economics and international politics, but combining our efforts, no doubt we will overcome all the problems before us and solve all the problems and tasks before us," Putin was quoted by TASS as saying when meeting Chinese President Xi Jinping on the sidelines of the BRICS summit.
Presidents Putin and Xi Jinping have met in Ufa and exchanged ideas on bilateral relations between Russia and China as well as cooperation in the format of BRICS and SCO.
It is the EU’s, not Russia’s concern to rescue Greece, VTB CEO Kostin told TASS. "Even if Russia wanted to, it is unable to gather this sum. I have not even heard about Russia doing it, this is Europe's problem. Europe created it and it has to solve it," he said.
The Chinese have made a cartoon about the BRICS/SCO summits. Don't miss it!
Vladimir #Putin arrives in Ufa for 7th #BRICS summit: http://t.co/ZTcrUJX1Wjpic.twitter.com/vgm6Adwzku
— Ruptly (@Ruptly) July 8, 2015
Kostin also says that China's stock market decline poses no risks to the Russian economy, as the Chinese markets are closed to foreign companies including Russian.
The Shanghai Stock Exchange Composite Index fell 34 percent in less than a month after investors got worried about a so-called bubble in Chinese stocks.
READ MORE: Chinese stock market bubble hits record $6.5tn
The situation in Greece may cause a 2 percent fall in Russia stocks, there is no serious risk, says VTB bank CEO Kostin.
Thailand's largest agribusiness conglomerate, Charoen Pokphand Group (CP) intends to invest $600 million in Russian agriculture by the end of the year, says Russian Direct Investment Fund Director General Dmitriev in an interview with TASS.
The Russian government has appointed Finance Minister Siluanov as Russia’s representative to the BRICS New Development Bank, reports RIA quoting the Russian government website.
Indian PM #Modi arrives at #BRICS/SCO summits in Ufa, Russia - LIVE UPDATES http://t.co/NQn51e6SSbpic.twitter.com/Ufg8BAnCkE
— RT (@RT_com) July 8, 2015
The department head Sergey Dankvert says the rapid increase in Russian imports of Brazilian food began in the 2000s, when it was decided to diversify supplies and get away from the domination of the US and the EU. Until then they had supplied 2.8 million tons of meat per year. Brazil became the first supplier of meat from Latin America, and then supplies began coming from Argentina, Uruguay, Paraguay and Chile.
Russian agriculture watchdog Rosselkhoznadzor is allowing imports of dairy products from 11 Brazilian companies, says a ministry statement.
The Russian Direct investment fund (RDIF) has suggested the BRICS New Development Bank sponsor feasibility stages of infrastructure projects, said the RDIF Director General in an interview with Rossiya 24 TV Channel. This is essential for the new projects to appear, he added.
The first projects could be unveiled by the end of the year Russian Finance Minister Anton Siluanov said earlier.
— PIB India (@PIB_India) July 8, 2015
The BRICS members could start implementing specific business projects in 18 months, says the director of HSBC Asia Pacific, Naina Lal Kidwai.
"Specific projects is what we would like to move to and I think we would have to give that another year to 18 months, but it is an objective which we have identified in today's meeting," she told Sputnik on Wednesday on the sidelines of the BRICS Business Council Meeting.
The business information exchange internet platform will help BRICS to expand cooperation between companies within the bloc, Chinese COSCO CEO Ma Zehua told TASS.
The site will provide a database of BRICS companies interested in cooperation, including the Chinese Sinopec and other key players in various sectors. Portal visitors will also be able to familiarize themselves with national economic development programs.
The president of Brazil, Dilma Rousseff says that thanks to the launch of the New Development Bank and a currency pool, BRICS countries could reach "a new level." She made this comment to TASS on the eve of her trip to Russia to participate in the BRICS summit.
The Russian Direct Investment Fund (RDIF) has signed a memorandum of understanding with the other BRICS countries. The signatories besides the Russian fund were the Silk Road Fund from China, the IDFC from India (infrastructure Development Finance Company), the Development Bank of South Africa and Brazil’s BTG Pactual fund, said the RDIF Director General Kirill Dmitriev.
Russian Railways may propose projects in Brazil and India, potentially to be funded by the BRICS New Development Bank, said the company’s CEO Vladimir Yakunin on the sidelines of the BRICS Business Council.
— China Xinhua News (@XHNews) July 8, 2015
Chinese President Xi Jinping and his team left Beijing to attend the 7th BRICS summit in the Russian Ural city of Ufa.
Accoding to Xinhua news, Xi's entourage includes Wang Huning, the director of the Policy Research Office; Li Zhanshu, the director of the General Office of the CPC Central Committee; State Councilor Yang Jiechi and the governor of the central bank, Zhou Xiaochuan.
Ahead of the summit, BRICS trade ministers agreed on a joint trade strategy aimed at creating a framework for easier trade between the BRICS developing markets.
"What will be taken to the summit [in Ufa] is the strategy for intra-BRICS cooperation and investment. That will be tabled at the summit and adopted at the summit," South Africa’s Trade and Industry Minister Rob Davies told Sputnik ahead of the summit.
Ufa will host #BRICS and #SCO summits on July 8-10 http://t.co/fTKuy8ZUaC@BRICS2015pic.twitter.com/BYgOCtvhn7
— President of Russia (@KremlinRussia_E) July 6, 2015
Russia’s Economic Development Minister Aleksey Ulyukaev said that the strategy includes new levels of cooperation in physical, institutional and people-to-people connectivity.
"For the first time our countries managed to negotiate and finalize the comprehensive document – the Strategy for BRICS Economic Partnership – that touches upon the responsibility of different ministers and requires high-level coordination," Ulyukaev said.