Russia’s Federation Council has approved an agreement on establishing the Eurasian Development Bank. The State Duma ratified the agreement on May 19, 2006. The agreement calls for establishing the bank with a charter capital of $1.5 billion. Russia will receive $1.0 billion (two-thirds of votes) and Kazakhstan will have $500 million (one-thirds). The bank will be exempt from any taxes, duties and charges and have immunity from search, seizure or confiscation
Source: BANKIR.RU, May 26, 2006
