Russia is creating a $100 billion rival to the IMF - from TRUNEWS

Russian President Vladimir Putin ratified an accord Saturday to set up a $100-billion reserve fund for the so-called BRICS — the five leading emerging economies that include Russia, China, Brazil, India and South Africa.

Moscow is expected to contribute $18 billion to the reserve, well behind the $41 billion China has promised to pour into the fund that was set up after an agreement signed in July 2014 in Brazil.

The emerging economies also plan to form their own international bank based in Shanghai to challenge western dominance over international money markets.

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