#AceFinanceNews – MOSCOW – July 10 – BRICS bank will be head-quartered in Shanghai, Russian presidential aide Yury Ushakov told journalists on Thursday.
President of the Federative Republic of Brazil Dilma Vana Rousseff, Prime Minister of the Republic of India Manmohan Singh, second left, President of the Russian Federation Vladimir Putin, President of the People’s Republic of China Xi Jinping and President of the Republic of South Africa Jacob Zuma, from left, pose for group photographs. (RIA Novosti)
This was recorded in the documents, he added and reported by Itar-tass as follows:
Russian Finance Minister Anton Siluanov earlier said the short-list of cities for the bank’s headquarters included Shanghai and New Delhi.
According to Ushakov, the agreement on founding the New Development Bank of BRICS and on creation of an exchange reserves’ pool will be signed at the next summit of the organization to take place in Brazil’s Fortaleza July 15-16.
“Thus, the basis for the macroeconomic coordination of the five states will be laid,” the presidential aide noted. “The new institutions will allow enforcing the global finance system, which is particularly important amid the IMF reform that reached a deadlock.”
The authorized stock of the bank amounts to $100 billion, the dedicated capital — $50 billion, the paid-in capital — $10 billion (paid upon request — $40 billion).
The paid-in capital will be formed within 7 years.
“Russia’s stake is $2 billion, that means the capital is proportionally distributed among the bank’s participants,” Siluanov noted earlier.
There is an agreement between the countries that the stake of BRICS members in the capital will not be lower than 55%.
The bank will engage in infrastructure projects mainly in the BRICS countries.
#AceFinanceNews – MOSCOW – March 31 – Negative effects of sanctions imposed on Russia over Crimea are already evident and all efforts should be focused on meeting these conditions, Finance Minister Anton Siluanov told Rossiya 24 television on Monday.
“The question is how sanctions will develop. We must in no way weaken our positions on monetary policy, on the budget under such conditions.
On the contrary, it is necessary to stay focused and mobilize,” the minister said.
“Sanctions have already been announced and are in place,” he said. “The most unpleasant thing is that this list may change and we can see some anxiety as to what measures could be applied,” he added.
German chancellor against imposition of economic sanctions on Russia
Credits to Russia were already being withdrawn and investors were in no hurry to invest into Russian bonds or projects in Russia, the minister said.
“We are seeing certain pressure on our trade partners, who are revising relations with Russia,” Siluanov said. “All this negatively affects the Russian economy as well as the economies of those countries with whose entrepreneurs it has had arrangements,” he added.
#AFN2014 says adds to my post today on the `tranche of $2 billion and the `gas concessions’
English: NOVO-OGARYOVO. Meeting on deliveries of Russian gas to Ukraine. Русский: NOVO-OGARYOVO. Meeting on deliveries of Russian gas to Ukraine. (Photo credit: Wikipedia)
Russia will purchase another tranche of Ukrainian eurobonds worth $2 billion, Russian Finance Minister Anton Siluanov told reporters on Monday.
“This week, two billion,” Siluanov said while answering the question about when Russia is to get the next tranche.
In mid-December 2013 Russia agreed to grant Ukraine a $15 billion loan and a 33 percent gas discount.
At the end of last year Russia bought the first bonds worth $3 billion dollars at 5 percent interest.
As part of the agreement Moscow will use $5 billion it holds in the form of a Special Drawing Rights (SDR), with another $10 billion coming from the National Welfare Fund.
At the end of January Ukraine said it would issue another $2 billion worth of government bonds to Russia, with the same conditions as the previous $3 billion bond sale in December.