Russian Goals for BRICS: Then and Now

During the sixth BRICS summit last week in Fortaleza, Brazil, the five BRICS countries agreed, as expected, to form both a development bank (named the New Development Bank) and a Contingency Reserve Arrangement (CRA). The agreements aim to minimize the role of traditional Bretton Woods institutions in the BRICS countries, and to lessen BRICS dependence on the US dollar as the global reserve currency. They mark the first true concretization of the BRICS partnership. Until now, the countries have formed working groups, announced ...