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Russia Backs China's Initiative for Energy Projects Investment Fund

© Sputnik / Aleksand Demiyanchuk / Go to the photo bankRubles and yuans
Rubles and yuans - Sputnik International
The Russian Energy Ministry backs China's initiative on founding a joint $1.5-billion investment fund for energy projects, Russian Deputy Energy Minister Kirill Molodtsov said Thursday.

MOSCOW (Sputnik) — The idea of creating the fund was voiced by the director of the Chinese Institute of Economics and Energy during the National Oil & Gas Forum in Moscow.

“We will bring the initiative to the government and will support it completely,” Molodtsov said.

"I think today or tomorrow we will receive it [the offer]," Molodtsov said, answering the appropriate question.

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Moscow and Beijing efficiently cooperate within the existing economic and banking projects, striving to increase bilateral trade. Among the venues of economic cooperation are the China-proposed Asian Infrastructure Investment Bank, the BRICS New Development Bank, the Silk Road infrastructure fund and the China-Russia Expo.

In March, Sergei Ivanov, the chief of staff of the Russian presidential administration, called strategic partnership between Russia and China a model of intergovernmental relations of the 21st century.

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