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Russia may buy other BRIC nation's bonds: Advisor

(Agencies)
Updated: 2009-06-16 15:57

YEKATERINBURG, Russia - The Kremlin's top economic adviser says Russia may put part of its currency reserves in bonds issued by Brazil, China and India.

Arkady Dvorkovich says Russia could make the move if the other three nations reciprocate. Brazil, Russia, India and China are the members of the BRIC group of leading emerging economies.

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Dvorkovich told a briefing Tuesday that the move could be part of efforts to diversify financial instruments.

He also proposed revising the way the International Monetary Fund's obligations are valued. He said the ruble, the yuan and gold should be part of a revised basket of currencies to form the valuation of the IMF's special drawing rights, or SDRs.

The remarks came ahead of a BRIC summit Tuesday in Yekaterinburg, Russia.