Federation Council ratifies Contingent Reserve Arrangement Treaty
Russian Federation Council
On 29 April 2015, the Russian Federation Council ratified the BRICS Contingent Reserve Arrangement Treaty.
The document stipulates the establishment of a $100 billion self-governing contingent reserve arrangement in order to counter possible pressure on balances of payments of the BRICS countries and for providing mutual support. Any party can contact other partners at anytime and request financial resources. The total volume of such assistance is calculated for each country using an individual multiplier.
Vladimir Dzhabarov, First Deputy Chair of the Federation Council Committee on Foreign Affairs, said the creation of the BRICS financial reserve would help withstand the pressure of various sanctions.