Russia to join AIIB Asian Infrastructure Investment Bank

AIIBRussia to join AIIB: Despite earlier reports that his government had not yet made up its mind, Russia’s Deputy Minister Igor Shuvalov used today’s opening of the Boao Forum for Asia to announce that it was to apply for membership of the Asian Infrastructure Investment Bank (AIIB).
The AIIB is a Chinese initiative and reflects dissatisfaction in Beijing with the volumes of investments that global financial institutions were committing to infrastructure projects in the Asia Pacific region.”We are delighted to be able to step up cooperation in the format of the Eurasian Economic Union (EEU) and China… [as] the free movement of goods and capital within the EEU brings economies of Europe and Asia closer,” Shuvalov said. “This is intertwined with the Silk Road Economic Belt initiative, launched by the Chinese leadership,” he said.
Brazil had accepted an invitation the day before and earlier this month, the UK received a public rebuke from the Obama administration for signing up as a founding member (along with Switzerland) and joining a club that includes China, India, Pakistan, Kazakhstan, Uzbekistan and Mongolia. France, Germany and Italy have also applied to join.

Source: ABN