Russia

Sixth BRICS Summit: A step towards more equitable global order?

The Declaration pushes for a more equitable norm and the New Development Bank is an interesting outcome. The initial subscribed capital of $50 billion dollars and the responsibilities of the functioning are to be shared equally among the founding members of the bank. While China will host the headquarters, the regional centre will be located in South Africa; similarly the first President of the Bank will be from India, the First Board of Governors from Russia and the first chair of Board of Directors from Brazil.

Russia and the unravelling of economic sanctions

The recent additional economic sanction on Russia is yet another severe jolt. But faced with a gripping economic problem, sanctions can just be the incentive that Russia needs to implement structural reforms and reduce its dependency on the West. The emergence of anti-West and patriotic sentiments can help the Kremlin to push through difficult initiatives.

Ukraine: What next?

Three meetings to discuss Ukraine are scheduled for the week beginning on Monday, April 14. The first meeting is of EU foreign ministers at Luxembourg on April 14. They are supposed to consider further sanctions on Russia. The next day the EU defence ministers are going to meet. The third meeting in Geneva on April 17 will bring together US, Russia, EU, and EU.

Crimean crisis: A New Phase of Cold War?

Putin seems to have concluded that Russia must draw the line at Ukraine. The EU bid to sign trade agreement with Ukraine in December drew Russia’s ire and now Russia has moved to make Crimea its part thus changing the borders in Europe once again and deepening the distrust between Russia and the West at a time when serious issues like Syria, Iran and Afghanistan are yet to be resolved.

Chess Game over Crimea

The West will be compelled by their own threats to impose economic sanctions against Russia. But Russia is no Iraq or Iran and may very well retaliate against Western companies, for example, Exxon Mobile is active in Russia and there are 6,000 German companies in Russia.