As austerity-ravaged Europe watches its undemocratic “institutions” grapple with the Greek tragedy, and the US backtracks on a fair nuclear deal with Iran, geopolitical tectonic plates are shifting in the Urals.
BRICS is gaining momentum as an increasingly effective organization and its New Development Bank is likely to become new source of funding for the current infrastructure gap, South Africa’s Trade and Industry Minister Rob Davies told RT.
The impact of Iranian oil expected to come onto the world markets after it signs the agreement on its nuclear program is still difficult to forecast, as there are too many other global factors, said Russian Finance Minister Anton Siluanov.
The Central banks of BRICS countries have signed an operating agreement on the currency reserve pool, according to Central Bank of Russia. The $100 billion pool aims to protect BRICS member states from currency volatility shocks.
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.
The China-led Asian Infrastructure Investment Bank (AIIB) and BRICS New Development Bank (NDB) can coexist, Russian Minister of Economic Development Aleksey Ulyukayev told RT ahead of the key BRICS/SCO summits in Russia.