Russia joins China-led Asian Bank

Beijing’s staunch ally, Russia, on Saturday announced its decision to join the China-led Asian Infrastructure Investment Bank, the latest in the growing list of countries applying for membership, including US allies in the European Union.

Russian Deputy Prime Minister Igor Shuvalov, at the 2015 annual conference of the Boao Forum for Asia in the coastal town of China’s southern island province of Hainan, said President Vladimir Putin was keen on Moscow joining the Asian bank.

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File photo: Russian President Vladimir Putin with his Chinese counterpart Xi Jinping [PPIO]