BRICS leadership passes to Russia, $100bn development bank ‘main priority’

As Russia assumes the chairmanship of the BRICS business council, the launch of the New Development Bank for its members will begin as an alternative to the US-dominated International Monetary Fund (IMF).
Sergey Katyrin, President of the Russian Chamber of Commerce, took over the chairmanship of a business council of BRICS, an economic association made up of Brazil, Russia, India, China and South Africa, on Wednesday.
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