The BRICS summit is underway in the Russian city of Ufa, in parallel to the Shanghai Cooperation Organization (SCO) summit. Both summits will conclude on Friday, July 10.
Vladimir Putin said that BRICS Bank has various opportunities for development ahead.
According to the newly adopted BRICS Ufa Declaration, member states condemn terrorism in all its forms and are determined to build up cooperation in preventing and countering international terrorism.
BRICS countries are brought closer together by their consistent joint efforts in favour of reforming the international monetary and financial system, according to Ufa Trade Union Declaration.
Brazilian President Dilma Rousseff said that it is essential for BRICS countries to increase its representation in the international organizations, including the International Monetary Fund.
First BRICS Bank projects will come in to force in April 2016, according to the bank head.
The two leaders had “a very long and informative” discussion, according to the Kremlin spokesman Dmitry Peskov.
BRICS New Development Bank (NDB) will start by giving financial support to the five founding countries and gradually extend support to all emerging markets, the president of the Brazilian Development Bank (BNDES) told Sputnik on Wednesday.
Russia’s President Vladimir Putin held marathon talks with leaders of BRICS and Shanghai Cooperation Organization (SCO) countries on Wednesday to discuss a range of issues from nuclear energy and integration to investment and trade, on the sidelines of a summit in the Russian city of Ufa.
Russia's oil giant Rosneft and India's Essar Oil signed a 10-year contract for deliveries of 10 million tonnes of oil to India every year, Rosneft said in a statement Wednesday.
Athens cannot join the BRICS bank at the moment, Russia's economic development minister said.
The BRICS member states will suggest to the United States to speed up the ratification of the International Monetary Fund reform, Russian Finance Minister Anton Siluanov said Wednesday.
This week's summit of emerging economies in the Russian city of Ufa has marked the ultimate transformation of the old world order into a new multi-polar reality, where the BRICS is emerging as a powerful financial and political voice.
By joining forces Russia and China will overcome all odds and resolve all the problems facing them, President Vladimir Putin told his Chinese counterpart Xi Jinping on Wednesday.
Russia and China will become important participants in the construction of a Brazil-Chile transport corridor.
The Chinese delegation's chairman praised the BRICS Business Council for helping companies that do business together.
The heads of Brazil, India, China and South Africa will meet under the leadership of Vladimir Putin in Russia’s Ufa for the seventh annual BRICS summit that kicks off today.
The Russian government has appointed Russian Finance Minister Anton Siluanov supervisor for Russia at the new Development BRICS Bank, according to a statement published on the official website Wednesday.
Russia’s President Vladimir Putin will meet his Chinese counterpart Xi Jinping on Wednesday on the sidelines of the 15th Shanghai Cooperation Organization summit and the 7th BRICS summit, which are to be held from July 8-10 in Ufa, Russia.
The Greek debt crisis, the expected lifting of sanctions on Iran and oil and stock market volatility will dominate the agenda of the BRICS summit which is opening today in Russia.