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The European Union says that one-fifth to one-fourth of its gas supplies come from Russia via the Ukraine.
Even as BRICS gear up to operationalise new Fund, the IMF has once again delayed voting reforms to give emerging countries greater say.
Asian countries will contribute up to 75 per cent of the total capital.
The fund was another sign of China’s growing engagement with Latin America, a region that used to be dominated by the US.
Chinese Premier Li Keqiang said on Friday "the economic fundamentals were still very strong in China".
The Asian Infrastructure Investment Bank is the first major global financial instrument independent from the Bretton Woods system.
Russia also said the EU decision to prolong the sanctions was "guaranteed to cause hundreds of thousands of Europeans to lose their jobs".
The Articles of Agreement for the new bank have been finalised and will be signed in Beijing on Monday June 29.
Overall crop quality is seen taking a hit this year following heavy, untimely rain in northern and central grain-growing parts of India.
The South African current account deficit on the balance of payments narrowed to 4.8 per cent of gross domestic product (GDP) on a seasonally adjusted annualised basis in the first
