Municipal workers cover an old house to give it a better look, in downtown Ufa, Russia, July 5, 2015. (AP/ Vadim Braydov)
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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.For Putin, whose focus has shifted to the emerging economies and especially Asia since the West imposed sanctions on Moscow over its role in the Ukraine crisis, the summit is also a chance to show the West that Russia can get along fine without it.
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