AIIB in shadows of BRICS, SCO summits in Ufa

On July 8-10, 2015, the summits of both the BRICS and the Shanghai Cooperation Organization (SCO) take place in Ufa, Russia. These events occur in a particular context in which the West as well as Asia is facing a growing terrorist threat, and diplomatic and military complications are multiplying on the geopolitical scene.  Syria, Ukraine, the Pacific Ocean are all geographic areas where conflicts could potentially turn into major bloodier wars. This is also an opportunity for Russia to assess the diplomatic stance of its partners as regards the talks of the P5+1 over Iran’s nuclear program.

However, this is mainly about economics and finance that these two summits could be of significant importance following the establishment of the new Asian Infrastructure Investment Bank (AIIB) which ambitions to provide the BRICS and all partner countries with the financial means they have not been able – or not wanted – to obtain elsewhere, meaning the IMF and the World Bank. All this is happening as Greece could be just days or weeks away from leaving the euro area and become the first “customer” of this alternative world finance, much to the discontent of the Euro-Atlantic alliance.