At two summits in the Russian city of Ufa, a $100 billion reserve currency pool of BRICS states was established, development strategies for BRICS and SCO were adopted and new members of SCO were considered.

Video by Vladimir Stakheev

Russia hosted the BRICS and the Shanghai Cooperation Organization summits in the Russian city of Ufa on July 8-10. About 10,000 visitors gathered at the two events during the three days. During the summit, BRICS members launched the New Development Bank, an alternative and a supplement to existing international financial institutions.BRICS member states agreed to a $100 billion reserve currency pool which aims to protect the member states – the emerging economies of Brazil, Russia, India, China and South Africa – from currency volatility shocks. BRICS members also adopted the Strategy of Economic Partnership that will run until 2020.

Leaders of the Shanghai Cooperation Organization member states approved the SCO Development Strategy until 2025, which sets detailed targets and tasks for the bloc's development over the next 10 years. The SCO nations also ratified a resolution on starting the procedures of granting India and Pakistan full membership of the organization and elevated Belarus to the status of observer from dialogue partner, and took in Azerbaijan, Armenia, Cambodia and Nepal as new dialogue partners.