- Title: EMERGING-BRICS/PUTIN ARRIVAL Russia's Putin arrives for BRICS summit in Ufa
- Date: 8th July 2015
- Summary: UFA, RUSSIA (JULY 8, 2015) (RUSSIAN POOL) RUSSIAN PRESIDENT VLADIMIR PUTIN EXITS HIS PLANE, OPENS UMBRELLA, WALKING DOWN AIR STAIRS VARIOUS OF PUTIN GREETING OFFICIALS WAITING ON TARMAC, ROSNEFT CHIEF EXECUTIVE IGOR SECHIN SMILING PUTIN'S MOTORCADE DRIVING OFF
- Embargoed: 23rd July 2015 13:00
- Keywords:
- Topics: General
- Reuters ID: LVASTF47EJV21Z0FUPJSRS0CAAS
- Aspect Ratio: 16:9
- Story Text: Russian President Vladimir Putin touched down in the city of Ufa on Wednesday (July 8) to take part in the the BRICS summit.
He will host the two-day summit with the leaders of Brazil, India, China and South Africa in the remote Russian city of Ufa, originally a fortress built on the orders of Tsar Ivan the Terrible nearly 1,170 kilometres (730 miles) southeast of Moscow.
At the meeting the BRICS emerging economies will launch a development bank with an initial $50 billion in capital, as well as aim to put the last touches to a $100-billion contingency currency reserves pool.
The BRICS account for a fifth of the world's economic output and 40 percent of its population. The pool and New Development Bank are central to their efforts to reshape the Western-dominated financial system.
Russian President Vladimir Putin hopes the summit will help reduce Western dominance of world financial institutions and show Moscow is not isolated.
The unity of the BRICS nations is important for Putin in his standoff with the West over Ukraine, especially as Russia suffered the symbolic blow of being suspended from the Group of Eight industrial powers over its seizure of the Crimea region. - Copyright Holder: POOL (CAN SELL)
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