BRICS summit gives Putin a chance to show Russia not isolated
* Russia to host BRICS summit in city of Ufa
* Shanghai Cooperation Organisation also to meet
* Putin sees chance to show Russia not isolated
* BRICS economies want changes in financial order
By Lidia Kelly and Katya Golubkova
MOSCOW, July 6 (Reuters) - The BRICS emerging economies will launch a development bank at a summit this week which President Vladimir Putin hopes will help reduce Western dominance of world financial institutions and show Moscow is not isolated.
At a meeting in the remote Russian city of Ufa, originally a fortress built on the orders of Tsar Ivan the Terrible, Brazil, Russia, India, China and South Africa also aim to put the last touches to a $100-billion contingency currency reserves pool.
The BRICS account for a fifth of the world's economic output and 40 percent of its population. The pool and New Development Bank, with an initial $50 billion in capital, are central to their efforts to reshape the Western-dominated financial system.
"At this meeting we will make operational our two biggest institutions, which is key for us to advance as a group and learn more from each other," said a Brazilian official involved in the preparations for the meeting. "Nobody thought that was going to be possible a year ago when we ratified the proposals." Continuación...