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"Today, we have an opportunity to discuss ways of deepening interaction in the Eurasian space," Putin said.
US press love to refer to the West as “the international community”, but in Ufa we see a truer representation of the world.
The BRICS Bank will work closely with the China-led AIIB, says communique.
The group represents more than a fifth of the global economy.
The Russian President, beleaguered by Western sanctions, greeted his BRICS counterparts with a warm welcome in the remote Russian city of Ufa.
The stock market has taken a nose dive over the last month, with the Shanghai Composite Index shedding more than 30%.
Relations between the Arab and Berber communities in the southern oasis region had been tense for the past few years.
Even as Western countries and Japan continue the suspension of their 16-year collaboration with Russia in the G8, Russian President Vladimir Putin on Wednesday evening hosted a different group: leaders
Obama said Russia was isolated and its economy in tatters. The BRICS Summit at Ufa proves otherwise, writes Babich.
