Russia and China have agreed to set up a joint rating agency as Moscow’s stand-off with the west over Ukraine has made it more eager to establish institutions that would reduce its dependence on the U.S. and Europe.
“In the beginning, the agency will assess Russian-Chinese investment projects with a view to attracting of [investors from] a number of Asian countries,” Anton Siluanov, Russia’s finance minister, said in Beijing, according to his ministry. “Gradually, based on the progress and authority of such an agency, we believe it will rise to a level where its opinions will attract other countries.”
The finance ministry did not give details on the time frame and detailed conditions for the establishment of the agency, but people familiar with the plans said it was likely to involve Chinese rating agency Dagong and a state-backed institution from Russia.
The BRICs group of large developing countries—Brazil, Russia, India, China and South Africa—has long discussed plans to set up its own rating agency, along with a BRICs bank. Member countries complain that globally dominant agencies such as S&P, Moody’s and Fitch focus on developed countries and fail to assess developing economies fairly.