The new Development Bank, set up by the BRICS countries, refused to lend to “Russian projects”. The authorities in the Kremlin referred to the situation.
BRICS is a union of five countries: Brazil, Russia, India, the People’s Republic of China and South Africa. On January 1, 2024, the group will expand to include new countries. These will be: Argentina, Egypt, Iran, United Arab Emirates, Saudi Arabia and Ethiopia.
The organization was founded in June 2006 as BRIC, as part of the Economic Forum in Saint Petersburg with the participation of the ministers of economy of Brazil, Russia, India and China.
BRICS summit
On August 23, South Africa hosted the first direct BRICS summit after the COVID-19 pandemic. The leaders of Brazil, India, China and South Africa attended the meeting. Interestingly, Xi Jinping was the only one who did not attend the forum himself. Russia was represented by Foreign Minister Sergey Lavrov.
In a video address to the participants of the BRICS Business Forum, the President of the Russian Federation, Vladimir Putin, accused the West of using the war in Ukraine instrumentally and assured that the Russian economy would emerge stronger from this conflict. – Russia is deliberately obstructing the supply of grain and fertilizers abroad, while at the same time hypocritically accusing us of the current crisis situation on the world market. This was evident in the implementation of the so-called grain agreement, concluded with the participation of the UN secretariat, which initially aimed to ensure global food security, reduce the risk of hunger and help the poorest countries, he said.
Credit from Russia
According to the latest findings, the New Development Bank, established by the BRICS countries, refused to lend to “Russian projects”.
– The new BRICS development bank did not refuse to finance projects in Russia. There were difficulties in the implementation of some aspects of these works due to sanctions pressure from a group of Western countries that were hostile to us, according to Russian Federation Deputy Foreign Minister Sergei Ryabakov, quoted by RIA Novosti. “For example, we continue to clarify some points that need to be overcome in order to work with the bank on a full scale and in a sustainable way, but I emphasize that nothing dramatic has happened in this area,” he added.
Source: Do Rzeczy
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
