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The research focuses on the role of the multilateral financial institutions in the Sino-Russian relationship. The multilateral financial institutions play a special role in the international monetary and financial relations, they contribute to the modernization of the national and world economy, develop the economic cooperation, and support strategic programs. [1] Development banks are government-sponsored financial institutions concerned primarily with the provision of long-term capital to industry. [4] There is a vast amount of literature regarding the role of Development banks as policy vehicles to foster economic growth, particularly in developing economies. Their main goal is to mitigate market failures arising from a variety of sources including the presence of costly and asymmetric information as well as the existence of externalities that result in underfunding of socially valuable projects as financial profitability does not reflect the overall value of the project. [5] One of the main point to be singled out is the New Development Bank established under the Agreement between the Governments of Brazil, Russia, India, China and South Africa. The Bank will close the financing gap and mobilize resources for infrastructure and sustainable development projects in BRICS countries and other emerging economies, supplement the existing efforts of multilateral and regional financial institutions for global growth and development. [2] Additionally, it is noteworthy that the Memorandum of understanding between the New Development Bank and the Eurasian Development Bank that was signed on 1st April 2017. The purpose of the Memorandum is to establish a framework for strategic, technical and operational cooperation bilaterally. It includes co-financing and financial assistance for infrastructure projects, treasury management, macroeconomics research, exchange of information and knowledge-sharing. [3] The result of such cooperation is the Nord-Hydro project financing by the Eurasian Development Bank, the New Development Bank (USD 100 million) and the International Investment Bank. The idea of the Project is to increase energy supply in Karelia region (Russia) through renewable energy resource. [6] On the one hand, Russia and China are competitors, but on the other, they are not as there are important challenges ahead to sustainable economic cooperation between Russia and China. China is the largest provider of development financing and has a lot of institutions such as the People’s Bank of China, the China Development Bank, and the Export-Import Bank of China. Their projects are government-to-government relationships to expand trade and facilitate access to raw materials and capital. China’s development cooperation is conducted for the most part through bilateral cooperation but over the past years, it has also become a major contributor to multilateral organizations especially the multilateral financial institutions. Russia began re-emerging as a significant provider of development cooperation, focusing on the finance, energy and security sectors. More recently with Western economic sanctions resulting from the conflict in Ukraine as well as the drop in oil prices Russia has experienced new budgetary pressures so there is a necessity to develop proposals aimed at optimizing the cooperation to meet the bilateral interests along with parallel initiatives in the BRICS group as well as Shanghai Cooperation Organization through the multilateral financial institutions.