The Articles of Agreement were signed on 29 June 2015 in Beijing. The ratification of this document will help to expand Russia’s cooperation with the People’s Republic of China and other Asian countries, and to implement infrastructure projects in Russia, primarily in Eastern Siberia and the Russian Far East.
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The draft federal law On Ratifying the Articles of Agreement of the Asian Infrastructure Investment Bank (hereinafter referred to as the draft law and the Articles of Agreement) was submitted by the Ministry of Foreign Affairs and the Ministry of Finance.
The Articles of Agreement were signed on 29 June 2015 in Beijing and stipulate the establishment of the Asian Infrastructure Investment Bank (AIIB), a multilateral financial institution aiming to facilitate sustained economic development and to finance infrastructure projects in Asia.
All countries currently involved in the activities of the International Bank for Reconstruction and Development and the Asian Development Bank are free to join the AIIB.
The AIIB’s constituent documents state expressly that its regional shareholders (37 countries, including Russia) shall own 75 percent of the Bank’s statutory capital. For their part, non-regional countries (20 countries, including Brazil, Germany, France and the United Kingdom) shall own a 25 percent stake in the AIIB’s capital.
China, India and Russia shall act as majority shareholders of the AIIB, owning 29.8, 8.4 and 6.5 percent of its capital, respectively.
The AIIB’s headquarters shall be located in Beijing.
The draft law is in compliance with the provisions of the Treaty on the Eurasian Economic Union of 29 May 2014 and other international treaties.
The Articles of Agreement are subject to ratification in line with the Federal Law on International Treaties of the Russian Federation because they contain regulations other than those stipulated by national legislation.
The ratification of this document will help to expand Russia’s cooperation with the People’s Republic of China and other Asian countries, and to implement infrastructure projects in Russia, primarily in Eastern Siberia and the Russian Far East.
The draft law was reviewed and approved at a Government meeting on 16 November 2015.