Russia proposes energy association within BRICS

Russia plans to establish an energy association within the BRICS countries, the Kremlin said Thursday.

"Russia is going to propose the establishment of the BRICS energy association, which would guarantee energy security of the member countries, conduct integrated research and analysis of global markets," presidential aide Yuri Ushakov said.

The organization will include a fuel reserve bank and an institution for energy policy, he added.

The official said the initiative has been discussed at the governmental level.

BRICS is the acronym for five major emerging economies, namely Brazil, Russia, India, China and South Africa. The sixth BRICS summit is due to take place on July 15-16 in Brazil.

According to Ushakov, the summit will discuss cooperation in trade, investment and financial sphere, as well as international political affairs like the Ukraine crisis.

The leaders will also sign an agreement on currency reserves pool, "a foundation of macroeconomic coordination of the five countries, to help strengthen the global financial system," Ushakov said.

A BRICS Development Bank was first mooted during the New Delhi summit in March 2012, so as to "establish a BRICS financial safety net."

Russian President Vladimir Putin, Chinese President Xi Jinping, Brazilian President Dilma Rousseff, South African President Jacob Zuma and Indian Prime Minister Narendra Modi will attend the summit.