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.
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While earlier attempts at challenging the dominant western players have been slow to get off the ground, observers in Russia said they were optimistic the planned Russian-Chinese rating agency could win backing and be broadened into a BRICs project at the group's summit in Brazil next month.
"The recent events around Russia and Ukraine have had an acceleration effect, as sanctions have encouraged plans in Russia to make itself less dependent on the west," said Chris Weafer, a partner at Moscow-based MacroAdvisory.