Since the beginning of the Ukrainian crisis, Russia has been changing its political course towards major emerging economies and investing money into promising projects considered as alternatives to Washington-dominated institutions.
This particularly concerns the NDB, a project developed by the BRICS countries to create competition for the World Bank dominated by the US and the IMF.
The new bank may participate in financing the construction of the "Silk Road", a project initiated by China to revive the ancient trade route which would connect Asia with Europe.
According to the China’s Xinhua state news agency, Russia is planning to shift the center of economic development to the Far East and the Asian region. The source referred to an interview with Russian Deputy Prime Minister Yuri Trutnev, in which he called China “Russia’s leading partner”.
BRICS countries, which account for 40% of the world’s population and about 20 percent of global GDP, have significantly expanded the scope of their activities over last years. The bank is their first major initiative designed to enhance their economies and development.