Turkey “Turns Away” From NATO, Buys Russian Advanced Missile System For $2.5 Billion


In a move that Bloomberg has defined as “signalling a turn away from the NATO military alliance that has anchored Turkey to the West for more than six decades” Turkey agreed to pay $2.5 billion to acquire Russia’s most advanced missile defense system, a senior Turkish official told Bloomberg on Thursday. The proposed deal which was first reported here back in November 2016, has been finalized and the preliminary agreement sees Turkey receiving two S-400 missile batteries from Russia within the next year, then producing another two inside Turkey. Continue reading

AIIB to be up and running by year’s end as China and India tipped to be biggest stakeholders

The China-led Asian Infrastructure Investment Bank (AIIB) aims to be up and running by the end of the year, delegates from the institution’s 57 founding members said on Friday, wrapping up a three-day policy meeting in Singapore.

China’s stake in the lender would probably be about a quarter and India would be the second-biggest shareholder, the delegates said.

Delegates also put the finishing touches to the AIIB’s articles of agreement, which were expected to be ready for signing by the end of next month, according to a statement by the bank’s interim multilateral secretariat.

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