Russian President Vladimir Putin (front) delivers a speech at the gala concert of the 15th International Tchaikovsky Competition at the Moscow Conservatory, Russia, July 2, 2015. REUTERS/Aleksey Nikolskyi/RIA Novosti/Kremlin
MOSCOW (Reuters) - The BRICS emerging economies will launch a development bank at a summit this week which President Vladimir Putin hopes will help reduce Western dominance of world financial institutions and show Moscow is not isolated.
At a meeting in the remote Russian city of Ufa, originally a fortress built on the orders of Tsar Ivan the Terrible, Brazil, Russia, India, China and South Africa also aim to put the last touches to a $100-billion contingency currency reserves pool.
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