Prime Minister Dmitry Medvedev at an expanded board meeting of the Ministry of Finance

Russia's broader participation in international financial organisations should reduce impact of foreign policy risks on its economy

The goal of the Russian Government, and, particularly, the Ministry of Finance, is to hold the BRICS Summit in Ufa at the highest possible level, Prime Minister Dmitry Medvedev said while speaking at an expanded board meeting of the Ministry of Finance.

He also noted that Russia has recently broadened its participation in foreign financial institutions, which in the future should lessen the impact of foreign policy risks on the country's economy.

"An agreement has been signed on the establishment of BRICS New Development Bank. The Bank will become the institutional mainstay of the association and showcase the growing influence of BRICS countries," Mr. Medvedev said. "Also, a decision has been made on establishing the BRICS Contingent Reserve Arrangement. In case any issues arise with providing national financial systems with dollar liquidity - and such shortages do occur now and again - the reserve will help activate a mechanism of mutual assistance," he said.