Russia versus The West. Is it a Duel or a Mexican Standoff?

The MH17 crash in the Ukrainian skies has made the Russia-Ukraine crisis very serious. US has imposed heavy sanctions on Russian banks and energy companies. Europe may follow suit, although unwillingly. Here is a brief analysis of the sanctions and their effects on the World Economy.

The New Development Bank

The BRICS leaders met in Brasilia on 15^th July 2014 and signed the long anticipated document to create the $100 billion BRICS Development Bank and a reserve currency pool worth over another $100 billion. Documents on cooperation between BRICS export credit agencies and an agreement of cooperation on innovation were also inked.