No New Projects in Russia Says BRICS Bank
The New Development Bank has clarified that it is not considering new projects in Russia due to financial and capital market restrictions.
Geopolitics is redrawing trade and shipping fleets. (Photo: Shutterstock/Printextar)
The New Development Bank (NDB), established by the BRICS states (Brazil, Russia, India, China, and South Africa), has clarified that it is not considering new projects in Russia due to financial and capital market restrictions. The head of NDB, Dilma Rousseff, who is also a former president of Brazil, emphasized that any speculations about new operations in Russia are unfounded.
She mentioned having a bilateral meeting with Russian leader Vladimir Putin during the Russia-Africa summit in St. Petersburg, but the focus of the discussion will be on the NDB’s role in the upcoming BRICS Summit. The NDB was launched in 2015 and has recently expanded its membership to include the United Arab Emirates, Bangladesh, and Egypt.
