Russia may borrow $1bn from BRICS development bank – minister

July 17, 2018 Siyabonga Mtangana

Russian President Vladimir Putin. Russia is in talks with the New Development Bank, set up by the BRICS group of major emerging economies, on raising four loans worth more than $1 billion, Deputy Finance Minister Sergey Storchak said. Photo: Pavel Golovkin

INTERNATIONAL – Russia is in talks with the New Development Bank, set up by the BRICS group of major emerging economies, on raising four loans worth more than $1 billion, Deputy Finance Minister Sergey Storchak told reporters in Moscow on Monday.

He said that if Russia raises loans from foreign development banks it may cut its OFZ treasury bonds programme in 2019.

Russia is a part of the BRICS group, which also includes China, Brazil, India and South Africa.