MOSCOW (Sputnik) — Russia will contribute $18 billion to the pool.

"The bill will be introduced in the Russian State Duma [lower house of parliament] for ratification," the statement said.

BRICS is an informal interstate association of Russia, Brazil, India, China and South Africa, accounting for 14.6 percent of the world's GDP.

On July 15, 2014, the member countries signed an agreement to establish the $100-billion BRICS New Development Bank and a reserve currency pool worth another $100 billion.