of course, it's stuff like this that is the underlying reason for the west's vilification of putin. he's not buying into the existing order, and not willing to do what he's told.

however, i think it's naive to look too deeply into this as much of a real game changer, for two reasons:

1) western capital will inevitably buy into what it can. and, you give them a foot in the door, they run the room.
2) these countries do not have interests that are fundamentally different. if they float lower interest rates, it's to be competitive in the short term.

is a market for development banks good for "consumers"? in the short run, maybe. but all markets eventually collude, and i wouldn't expect this to be different.

it may give the russians and chinese a more powerful bargaining position on certain issues. that's about the extent of it, i'd guess.