SCO & BRICS latest news and insights
By Rhod Mackenzie
On February 6, the CSI 300, China's main index, rose by 3.5%. The following day, the rally continued, albeit with more modest growth of only 0.5%. Bloomberg reports that investors are hopeful that the Chinese government's support will stabilize the situation in the stock markets,...
By Rhod Mackenzie
Russian importers can no longer use Chouzhou Commercial, a Chinese bank that was previously their main settlement center. Transactions have been halted through both SWIFT and the Russian SPFS with the Chinese CIPS. According to the Deputy Chairman of the Board of SME Bank Alexey...
By Rhod Mackenzie
Influential international organizations have hastily revised their forecasts, perviously predicting long-term stagnation for the Russian economy under the weight of sanctions. The OECD expects 1.8% GDP growth for the year, while the IMF expects 2.6%. The West is puzzled by the ra...
By Rhod Mackenzie
According to a study by financial intelligence company Sayari, it is possible that certain Russian banks may have found a way to bypass the ban on importing cash dollars and euros into Russia by exchanging gold for them in the United Arab Emirates and Turkey. Bloomberg reported o...
By Rhod Mackenzie
Russia has punished five Ecuadorian banana suppliers and has started purchasing bananas from India for the first time. Ecuador has been the main importer of bananas to Russia until now. It is unclear why Ecuador held on to its monopoly status for so long and why Russia only now b...
By Mohamed Al-Kazzaz
Vladimir Kazbekov, the vice President and CEO of the New Development Bank (NDB), was in Cairo to launch the bank’s operations in Egypt.
Established in 2015 by the BRICS group of countries consisting of Brazil, Russia, India, China and South Africa, the NDB is a multilateral...
