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Russian deputy FM calls BRICS symbol of multipolar world formation

May 27, 2015, 19:48 UTC+3
The BRICS new development bank and the currency reserve pool are designed to help Russia and all other BRICS countries to counter pressure, the diplomat said
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BRICS leaders shake hands at a summit in Brazil, 2014

BRICS leaders shake hands at a summit in Brazil, 2014

© ITAR-TASS/Mikhail Metzel

MOSCOW, May 27. /TASS/. BRICS, an association of Brazil, Russia, India, China and South Africa, is a symbol of a multipolar world, and the West can’t put up with it, Russian Deputy Foreign Minister Sergey Ryabkov said Wednesday on the Rossiya-24 TV channel.

"BRICS is a symbol of the formation of a multipolar world," Ryabkov said.

"The West that has got used to the fact that it controls many processes in the global economy can’t put up with emerging alternatives, instruments that are not controlled by, not accountable to the United States, the Bretton Woods system. Naturally, this causes anger, non-acceptance at the level of instinct," the diplomat said.

"Sanctions and attempts to economically break Russia are doomed to failure. We have been dealing with a new reality for already a year," he said. "It helps us move in the direction of import substitution."

The diplomat added that Russia is currently seeking alternative cooperation options.

"The BRICS new development bank and the currency reserve pool are designed to help Russia and all other BRICS countries to counter this illegal, unlawful and politicized pressure," Ryabkov said.

"When the bank is launched, you will see that work on infrastructural projects, on other big investment endeavors in the BRICS format will be boosted," he said.

The deputy minister said there is a "certain political line to deter the emerging economies of countries that are united into BRICS."

Import substitution

A system of import substitution had to be introduced in Russia in connection with imposition of Western sanctions on Russia for developments in Ukraine and Moscow’s countersanctions.

Russia has constantly dismissed allegations that Moscow could in any way be involved in destabilization in Ukraine.

In his address to the Federal Assembly, Russia's parliament, on December 4, 2014, Russian President Vladimir Putin said that the import substitution policy is among the country’s long-term priorities.

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