BRICS Countries to Use Common Reserve Funds for Mutual Assistance
Quick Look
- BRICS member nations will utilize the bloc's common reserve funds for mutual support, according to Russian Security Council Secretary Sergey Shoigu.
- The reserves will include resources like hydrocarbons, fertilizers, LNG, oil, and medicines to ensure certainty and reliance among member countries.
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Why It Matters
BRICS member countries are planning to establish and utilize common reserve funds for mutual assistance, as announced by Russian Security Council Secretary Sergey Shoigu.
NEW DELHI, June 23. /TASS/. BRICS member countries will use the group's common reserve funds for mutual assistance, Russian Security Council Secretary Sergey Shoigu said.
"Another one of Russia’s proposal is to build up reserves, reserves of various resources. These undoubtedly include hydrocarbons, as well as everything else that we found ourselves short of during the Gulf crisis. This refers, of course, to fertilizers, liquefied natural gas, and oil, as well as medicines and a wide variety of other goods - all intended to serve as a unifying framework so that every BRICS country can rely on and count on these reserves with certainty," he said, summing up the results of his visit to India.
He drew attention to media reports stating that a certain country has tapped into its strategic reserves of oil and liquefied natural gas. "This is about using resources and reserves to regulate prices on the domestic market, or helping neighbors, or making money at the right time and in the right place when prices are at their peak," he noted.
Open Questions
- What specific mechanisms will govern the use of these reserves?
- What is the total value of the proposed common reserve funds?
- How will contributions to the reserves be determined?
