Russian experts see economic, strategic benefits from AIIB membership

As Russia is trying to find its way out of the current economic hardship amid Western sanctions, the country will benefit both economically and strategically from joining the China-proposed Asian Infrastructure Investment Bank (AIIB), Russian experts have said.

The prospective founding members of the AIIB finalized at 57 Wednesday, covering five continents, including Asia, Oceania, Europe, Latin America and Africa.

Russia, as one of the prospective founding members, needs the bank from both strategic and practical perspectives, Petr Mozias, an economist from the National Research University's High School of Economics, told Xinhua.

"Russia is interested in attracting more resources for its infrastructure projects. As Russia's budget has been shrinking, it needs to sustain economic growth and to create new sources for that," Mozias said.

He said Russia will benefit from its participation in the AIIB as the bank can offer the country more opportunities in attracting resources for infrastructure projects.

"Strategically, economic development is impossible without long-term investments. Russia, as the world's largest country, craves for investments into infrastructure. Also, geopolitically, Russia and China share common borders, so the two countries can develop joint infrastructural cross-border projects as well as in Central Asia," the expert added.