The world needs alternatives to the US-dominated ‘corroded’ World Bank and the IMF, investment guru Jim Rogers told RT at the International Economic Forum in St. Petersburg. The BRICS countries could compete and replace them, he added.
Payments with Chinese partners involved in the Moscow-Kazan high-speed railway would be better in Russian rubles, according to the Vice President of Russian Railways (RZD) Aleksandr Misharin. The cost of the railway link is estimated at $21.4 billion.
Gazprom is planning to construct two threads of a new gas pipeline with a capacity of 55 billion cubic meters per year. Shell, E.On and OMV have been invited to participate, said the company. This could double direct supplies of Russian gas to Europe.
The 19th St. Petersburg International Economic Forum is underway. Despite sanctions, more than 7,000 guests and 1,000 international companies are represented, among them the heads of BP, Royal Dutch Shell and Total. RT will keep you updated.
The BRICS members have kicked off consultations on an alternative to the global SWIFT system that processes about 1.8 billion financial messages annually, said Russian Deputy Foreign Minister Sergey Ryabkov.
Russia and China expect to use the ruble and yuan in payments for gas supplied using the western Altay pipeline. When it and the eastern Power of Siberia pipeline is open Beijing will become the biggest consumer of Russian gas.
Chinese corporation Zoje Resources Investment has leased a large plot of land in Russia’s Transbaikal region for agricultural exploitation. The Chinese corporation is expected to invest estimated $450 million into the project over the next 49 years.
The Central Bank of Russia (CBR) has cut the key interest rate by 100 basis points to 11.5 percent, saying inflation risks have weakened as the economy is cooling. The CBR hopes to reach its target of 4 percent inflation by 2017.
Russian oil major Rosneft and BP are close to signing a $700 million deal for BP to acquire a 20 percent stake in the Taas-Yuriakh Siberian oilfield, reports the FT. The deal could be announced this week at the St. Petersburg International Economic Forum.