Thursday, March 5, 2015

BRICSPOST News Updates: BRICS Bank and China on Russian Sanctions

BRICSPOST is a good media source to keep up with views that are circulating in the BRICS nations. Below are links to a couple of recent news articles that relate to stories we are following here. Below each link is a brief excerpt from each article.


India ratifies BRICS Bank

"After the Russian Parliament ratified it last week, the Indian government has also cleared the establishment of the new $100 billion development bank and the $100 billion BRICS Contingent Reserve Arrangement (CRA).

The BRICS Bank launched last year will fund infrastructure projects in Brazil, Russia, India, China and South Africa, and challenge the dominance of the Western-led World Bank and the IMF.

“The new development bank will mobilise resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, to supplement existing efforts of multilateral and regional financial institutions for global growth and development,” read an Indian government statement on Wednesday."

. . . .

"South African Trade and Industry Rob Davies said last year that although the capital of the New Development Bank and the Contingency Reserve Arrangement had been set at $100 billion each, this did not mean that this capital would necessarily be held in US dollars.
We want to move away from the same old, same old way of doing things. What currencies the capital will be held in is something that will be part of the Sherpa process with the pace set by Brazil, but we expect substantive progress by the time of the next BRICS summit in Russia in June 2015,” he said."
"In a clear indication of its strong support for its BRICS partner, China has said western nations must shed their zero-sum mentality and accommodate Russian security concerns over the Ukraine crisis.
The Ukraine crisis is being fueled by games played by the US and the European Union, said a Chinese diplomat on Thursday."
. . . .
“There were internal and external reasons for the Ukraine crisis. Originally, the issue stemmed from Ukraine’s internal problems, but it now was not a simple internal matter. Without external intervention from different powers, the Ukrainian problem would not develop into the serious crisis as it be,” Qu said."
. . . . 
"The US “is highly sensitive to its own security, while ignoring other countries’ basic security needs and concerns”, he added. The West should abandon the zero-sum mentality, and take the real security concerns of Russia into consideration,” said Qu."  . . . . .

Added note:  Here is an new article out this morning - BRICS Shield Against Isolation of Russia

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