BRICS bank refuses new investments in Russia due to sanctions

The New Development Bank (NDB), created by the BRICS countries in 2014, is not yet considering new projects in Russia, as it operates in accordance with international restrictions, Dilma Rousseff, head of the bank, said on X (formerly Twitter).

“The NDB confirms that it is not considering new projects in Russia and is acting in accordance with the current restrictions on the financial and international capital markets. Any suggestion to the contrary is unfounded,” Rousseff said in a statement.

New Development Bank (NDB) with a capital of $100 billion and headquarters in Shanghai was created by the BRICS countries - Brazil, Russia, India, China and South Africa - in 2014. The purpose of the bank's activities is to finance infrastructure projects and sustainable development projects in the BRICS countries and developing countries.

Putin and Rousseff held a bilateral meeting on July 26, ahead of the Russia -Africa summit starting tomorrow. In the open part of the meeting, the president welcomed the appointment of Rousseff as head of the bank (the former president of Brazil took over in March) and noted that the NDB "can play a certain significant role in developing the areas of our [BRICS] joint activities." “We know that there is a question about the liquidity of the bank, there are some ideas that come from you, from your staff, and we will support this,” the president added.

The head of the NDB agreed that there are no obstacles for the countries of the developing world to make settlements in national currencies (the organization's development strategy provides that from 2022 to 2026, about 30% of funds should be raised in domestic markets. -). She also noted that Russia is an important partner of the bank. According to her, the NDB should play an important role in the development of a multipolar, polycentric world.