#AceFinanceNews – #BRICS July.07: There has been a significant change in Russia’s political course after relations between Russia and the West deteriorated. Vladimir Putin is now actively intensifying partnerships with Beijing and other #BRICS partners, especially in the context of the New Development Bank (NDB), Die Tageszeitung wrote.
This particularly concerns the NDB, a project developed by the #BRICS countries to create competition for the World Bank dominated by the US and the IMF.
Russia approved an investment of $200 billion in the new project. Russian leadership also ratified a number of documents on the establishment of the bank and now expects that its other four partners will follow its example.The new bank may participate in financing the construction of the “Silk Road”, a project initiated by China to revive the ancient trade route which would connect Asia with Europe.
According to the China’s Xinhua state news agency, Russia is planning to shift the center of economic development to the Far East and the Asian region. The source referred to an interview with Russian Deputy Prime Minister Yuri Trutnev, in which he called China “Russia’s leading partner”.