Russia woos China before BRICS summit

Wed Jul 8, 2015 1:37pm EDT
 
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By Darya Korsunskaya, Denis Pinchuk and Lidia Kelly

UFA, Russia (Reuters) - Russian President Vladimir Putin and his government courted Beijing on Wednesday before a BRICS summit, playing down a stock market plunge in China and proposing better terms for investors from Beijing.

Meeting Chinese President Xi Jinping in the Russian city of Ufa, Putin, whose country needs investment to pull out of a downturn worsened by Western economic sanctions over the Ukraine crisis, called for solidarity and unity in bilateral ties.

"We are clearly aware of the difficulties we face, in both the economy and international politics," Putin told Xi on the eve of the meeting of leaders from the emerging economies of Brazil, Russia, India, China and South Africa.

"But by combining our efforts, we will surely overcome all challenges before us. We will solve all the problems and tasks."

China has been trying for more than a week to prevent the stock market from tumbling and on Tuesday unveiled yet another set of measures intended to stop the sell-off.

Russian officials played down the slump's impact. Economy Minister Alexei Ulyukayev said he was confident Beijing could stabilize the situation and Finance Minister Anton Siluanov said it held only small risks for Russia.

"The impact on Russia's finances, capital flows, and the balance of payments from the changes in the Chinese financial market, has been minimal," he said.

Details of Wednesday's talks were not disclosed but Russian officials present included the energy and finance ministers.   Continued...

 
Russia's President Vladimir Putin waits before a meeting with Belarus' President Alexander Lukashenko in Ufa, Russia, July 8, 2015. REUTERS/Sergei Ilnitsky/Pool