RA’s Daily Russia News Blast – July 16, 2014

President Vladimir Putin wants to use the BRICS formation to prevent future ‘sanction attacks’ by the United States and its allies. In addition to launching their $100 billion development bank, to be based in Shanghai and governed by India, leaders of the BRICS countries also announced a currency reserve pool during their summit yesterday. In support of Russia’s aim to counter Western dominance, Brazilian President Dilma Rousseff said the pool ‘will help contain the volatility faced by diverse economies as a result of the tapering of the United States’ policy of monetary expansion’. Foreign Minister Sergei Lavrov said that the BRICS aimed to ‘speak out against one-sided steps in global politics and economy’. Russia and Ukraine continue to make equal and opposite accusations against each other regarding cross-border attacks. President Vladimir Putin says it won’t be easy, but that Russia can improve its ties with the European Union.