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BRICS Bank to start working no earlier than in 2016 — VEB deputy chairman

"BRICS is currently not an economic association, it’s a political [organization]," Vnesheconombank (VEB) Deputy Chairman said

© AP Photo/Andy Wong

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First meeting of BRICS Bank Board of Governors may be held on July 7 in Moscow — ministry

ST. PETERSBURG, June 18. /TASS/. BRICS Bank will start working no earlier than next year, Vnesheconombank (VEB) Deputy Chairman Sergey Vasilyev said on Thursday.

"BRICS is currently not an economic association, it’s a political [organization]," Vasilyev said. "We already see BRICS economic integration. Setting up a bank is a key, a core of future economic integration and expansion of investment cooperation. Some BRICS Bank projects will really start no earlier than next year," he added.

"The Bank’s existing strategy up to 2020 is being implemented by gross figures even under sanctions. We don’t see significant threats, though some difficulties may occur in details. In principal, it is hard to plan because there are great currency risks," Vasilyev noted.

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FACTBOX: Collective Security Treaty Organization

The Collective Security Treaty came into force on April 20, 1994 to herald the emergence what would eventually become the Collective Security Treaty Organization. The six member-countries are Russia, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan

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