BRICS bank NDB not planning new projects in Russia due to sanctions

27 July, 02:06 PM
Russia (Photo:REUTERS/Maxim Zmeyev/File Photo)

Russia (Photo:REUTERS/Maxim Zmeyev/File Photo)

The New Development Bank (NDB), a development bank established by the BRICS countries (Brazil, Russia, India, China and South Africa), is not planning to open new projects in Russia as it operates in line with financial and capital market sanctions against the country, head of the bank, Dilma Rousseff, told Reuters on July 26.

According to Rousseff, who was the president of Brazil until her impeachment and removal from office in 2016, any speculation regarding the discussion of new operations of the bank in Russia is baseless.

The NDB was created in 2015, headquartered in Shanghai.

The bank was set up to counter the dominant position of developed economies and search for alternatives to the U.S. dollar.

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The next summit of the BRICS countries, which remain close to Moscow despite the full-scale invasion of Ukraine, will be held in Johannesburg on August 22-24.

U.S. Treasury Secretary Janet Yellen declared during her recent visit to China that the U.S. dollar will remain the dominant currency in international trade, and there will be no alternative to the currency any time soon.

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