Russia's ratification of BRICS bank agreement is possible this month or in March

Russia's Finance Minister Anton Siluanov said the country will ratify an agreement on the New Bank for Development set up by BRICS before the end of this month or at the beginning of March. Other participants will ratify the agreement later, Siluanov said, quoted by TASS.

An appropriate bill for ratification was submitted to Russia’s State Duma at the beginning of February.

"In the course of a meeting on the sidelines of the Financial G20, representatives of BRICS (Brazil, Russia, India, China, and South Africa) exchanged information on the progress of preparations for ratification of the agreement on the bank," Siluanov said.

"We’re ahead of all other. It’s not ruled out that the ratification in Russia will be possible already in February or in March at the latest."

"Others will ratify the agreement later," he said.

Minister added that contributions to the bank’s capital had been factored into Russia’s federal budget for this year. Russia is expected to commit $2 billion to the fund.

He also said ‘current work’ was underway as regards the bank’s documents and the sides were engaged in processing technical details, like the procedural rules for the board of governors, the choice of candidates for the positions of President and Vice-President, and so on.

Siluanov said discussions between BRICS countries took place at deputy level at the summit because not all of the finance ministers were there. He said terms of reference for the bank as well as the board of directors and executives were being discussed, as Reuters reported.

The first meeting of the Board of Governors of the BRICS bank will be held in the city of Ufa, western Urals.

Brazil, Russia, India, China, and South Africa signed the agreement on instituting the New Bank for Development in July 2014 in Brazil. The document is to be ratified by the five countries’ parliaments.