EMERGING-BRICS/SUMMIT-START Russia's Putin hosts BRICS summit in Russian city of Ufa

Record ID: 147789

  • Title: EMERGING-BRICS/SUMMIT-START Russia's Putin hosts BRICS summit in Russian city of Ufa
  • Date: 9th July 2015
  • Summary: UFA, RUSSIA (JULY 9, 2015) (RUSSIAN POOL) ****WARNING CONTAINS FLASH PHOTOGRAPHY*** INDIAN PRIME MINISTER NARENDRA MODI'S CAR ARRIVING AT SUMMIT VENUE VARIOUS OF MODI GETTING OUT OF CAR, ENTERING BUILDING RUSSIAN PRESIDENT VLADIMIR PUTIN GREETING MODI VARIOUS OF PUTIN AND MODI SHAKING HANDS PUTIN, MODI LEAVING CHINESE PRESIDENT XI JINPING'S CAR ARRIVING AT SUMMIT VENUE XI
  • Embargoed: 24th July 2015 13:00
  • Keywords:
  • Topics: General
  • Reuters ID: LVAA65JGOSEUBPJU809MNUYU0EJZ
  • Aspect Ratio: 16:9
  • Story Text: Russian President Vladimir Putin on Thursday (July 9) welcomed the leaders of India, China, South Africa and Brazil at the opening ceremony of the BRICS emerging economies summit in remote Russian city of Ufa nearly 1,170 kilometres (730 miles) southeast of Moscow.
    Indian Prime Minister Narendra Modi, Chinese President Xi Jinping, Brazil's President Dilma Rousseff and South African President Jacob Zuma posed for photographers with the Russian leader, before taking seats ahead of roundtable talks.
    "Dear friends, once again good afternoon to all of you. I am glad to greet you all, my colleagues and friends, at the BRICS summit. We will discuss today the whole range of issues with regard to cooperation within our grouping," Putin said in his welcoming speech.
    The leaders are expected to put the last touches to a $100-billion contingency currency reserves pool and launch a BRICS development bank.
    The BRICS account for a fifth of the world's economic output and 40 percent of its population. The pool and New Development Bank, with an initial $50 billion in capital, are central to their efforts to reshape the Western-dominated financial system.
    The summit, and a regional security meeting of Shanghai Cooperation Organisation (SCO) on Friday (July 10), offer Russia a chance to show it is not isolated globally.
    After annexing the Crimea peninsula from Ukraine last year, Russia faced sanctions that cut Moscow off from most Western financial markets. Russia's economy has been battered by the punitive measures from the West and a fall in global oil prices. It has been struggling to attract investment and is sliding towards recession, with gross domestic product expected to decline by more than 3 percent.
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