The 16th annual summit of the BRICS grouping took place in Kazan, Russia. The three-day event was much anticipated and lived up to its billing as a breakthrough in international politics. Russian President Vladimir Putin greeted 25 heads of state. Over 40 nations were represented by 20,000 delegates.
The Bank of Russia announced on Wednesday it will suspend purchases of foreign currency on the domestic exchange from November 28 until the end of the year, to reduce market volatility.
The announcement came as the Russian currency slid to near-record lows, reaching 114 rubles against the US dollar on Wednesday.