A six-day tour by Russian President Vladimir Putin to Latin America ended with a long anticipated creation of the BRICS bank and the signing of energy agreements, as Russia looks to build alliances to counter Western influence.
The group of emerging economies signed the long-anticipated document to create the $100 bn BRICS Development Bank and a reserve currency pool worth over another $100 bn. Both will counter the influence of Western-based lending institutions and the dollar.
President Putin’s visit to Latin America is of transcendental importance at a time when the BRICS bloc is becoming something far more than a mere trade agreement, and where Russia is playing a key global geopolitical role.
Russia is to urge its BRICS counterparts to set up an energy association that will include a fuel reserve, as well as the institute for energy policy, according to Russian presidential aide Yuri Ushakov.
Serbia has signed a 2.1 billion euro contract with Gazprom subsidiary Centrgaz to construct the South Stream pipeline across its territory. There is increasing pressure from the EU to suspend the project because it claims it breaks competition law.
The Bank of Russia has signaled it is ready to legalize the world’s first mainstream cryptocurrency, despite the big risks and setbacks the digital money has experienced. The Bank’s recognition means it can better regulate it, and even collect tax.
If Russia wants to raise tariffs on Ukrainian imports or even ban products completely, it first needs the support of its Customs Union partners. If it doesn’t get it, it may act alone, says Deputy Prime Minister Igor Shuvalov.
Ukraine has signed the European Trade Association Agreement, the document that sent the country into a political frenzy when not signed eight months ago to this day. RT gives you the basics on how this will affect the economy of both from here on out.
Russia's Rosneft and America's ExxonMobil have launched a unique drilling platform in the Okhotsk Sea in Russia's Far East. The world's most powerful rig can drill within the radius of at least 7 kilometers.