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. There’s a need for more development banks in the world involved in more developmental finance, the minister said […]
The Public Investment Fund (PIF) of Saudi Arabia in partnership with the Russian Direct Investment Fund (RDIF) has agreed to invest $10 billion into Russian projects. It is the largest foreign investment in Russia. “We have reached final agreements and are announcing the creation of a partnership with the sovereign fund of Saudi Arabia, under […]
In May China imported a record 3.92 million metric tons of crude oil from Russia, which is equivalent to 927,000 barrels per day. Russia has become Beijing’s top crude supplier for the first time since October 2005. “Russia is using its good relationship with China to increase supplies and has now taken the top spot,” […]
Russia held US Treasury bills worth $66.5 billion as of April this year, according to the latest monthly report from the US Treasury. That compares with the $116.4 billion held a year ago. From March to April 2015, Russia sold $3.4 billion in US Treasury bonds,reported US Department of the Treasury Monday.
Iran hopes to start implementing an “oil-for-goods” barter deal with Russia after June 7, said Iranian Oil Minister Bijan Namdar Zanganeh. It will supply Iranian crude oil to Russia in exchange for grain, equipment and construction materials. “We hope that next week” Russia will take its first imports, said Zanganeh, quoted by Bloomberg on Friday […]
Sberbank has issued its first yuan-denominated letters of credit that involve funding from the Export-Import Bank of China to Russia’s largest pharmaceutical company. Pharmasyntez, Russia’s leading drug manufacturer, appealed to Sberbank with a request for funding credit guarantees in Chinese national currency as part of contracts for the supply of imported pharmaceutical products worth over […]
Russia will appeal to the International Court of Justice if Ukrainian President Petro Poroshenko signs a moratorium on the payment of Ukraine’s external debt into law and fails to pay its debt to Russia, said Russian Finance Minister Anton Siluanov. Siluanov said Ukraine was virtually defaulting on its debt, adding that Russia doesn’t yet have […]
Serbia is interested in joining the Turkish Stream gas pipeline project, as it wants to ensure energy security for its citizens and cut dependence on deliveries via Ukraine, said the Serbian Minister of Foreign Affairs Ivica Dacic. “At present, we can express our readiness for participation in this project because we need reliable gas supplies,” […]
Russia is not considering completely lifting the food embargo on products from the West, says Deputy Prime Minister Arkady Dvorkovich. “We do not consider lifting the embargo currently in the broadest sense of the word, there are some special orders about individual products or countries,” said Dvorkovich. “These issues are being considered, but no final […]
German Chancellor Angela Merkel believes that a free trade zone with Russia is possible in the future, despite the current political tensions with the West. “In the long view it is possible to create a large free trade zone, including with Russia,” Merkel said at Friday’s economic forum in Stralsund.
The BRICS New Development Bank and the Asian Infrastructure Investment Bank (AIIB), both seen as alternatives to US – led institutions, will not compete, but rather complement each other, said the head of the Central Bank of Russia Elvira Nabiullina. Nabiullina made the statement Thursday in Washington where she is attending the spring meetings of […]
The US may no longer be in control of the global economy, warned former Treasury Secretary Lawrence Summers, urging Washington to regain dominance by honoring commitments and stopping its own hypocrisy. China’s establishment of the Asian Infrastructure Investment Bank (AIIB), and Washington’s failure to stop its traditional allies from joining, was a development without precedent […]
The Russian State Duma has ratified the $100 billion BRICS bank thatâll serve as a pool of money for infrastructure projects in Russia, Brazil, India, China and South Africa, and challenge the dominance of the Western-led World Bank and the IMF. The New Development Bank is expected to start fully functioning by the end of […]
MasterCard and Visa have suspended service for Russian banks in Crimea, saying the decision complies with US sanctions. “According to the US sanctions imposed against Crimea on December 19, 2014, Visa currently cannot provide services and offer their products in the Crimea. This means that we can no longer issue or accept bank cards in […]
Bulgaria is ready to issue all the necessary permits for the construction of the South Stream pipeline, according to Prime Minister Boyko Borisov. He said it will up to Gazprom whether the pipeline is built or not. Borisov said he has the full support and understanding of the European Union and that Bulgaria is not […]