Two dozen world leaders gathered in Russia on Tuesday for the opening of a three-day summit of the BRICS group, an alliance of emerging economies that the Kremlin hopes will challenge Western "hegemony".
What is BRICS?
Brazil, Russia, India and China founded the economic bloc in 2009 and formally welcomed South Africa in 2011, expanding its name to BRICS, reflecting the initials of its five members.
BRICS has sought to counterbalance the global dominance of the US and Western powers.
It has expanded rapidly after Iran, Egypt, Ethiopia and the United Arab Emirates joined in January. Türkiye, Azerbaijan and Malaysia have formally applied to join.
Why does BRICS matter?
BRICS has a stated aim to amplify the voice of major emerging economies to counterbalance the Western-led global order. Its founding members have called for a fairer world order and the reform of international institutions like the United Nations, the International Monetary Fund and the World Bank.
With the addition of four new members this year, the union now comprises nine countries, holding an increasingly significant role in the global economy.
BRICS nations account for approximately 30% of the world’s land area, 45% of the global population, and 45% of global oil production. Together, they facilitate about a quarter of the world’s trade.
What are the main issues at the Russia summit?
The main issues on the agenda include Russian President Vladmir Putin's idea for a BRICS-led payment system to rival SWIFT, an international financial network that Russian banks were cut off from in 2022 , as well as the escalating conflict in the Middle East.
The Kremlin has touted the gathering as a diplomatic triumph that will help it build an alliance to challenge Western "hegemony".
Ahead of the meeting, Indian Prime Minisiter Narendra Modi praised what he called the "special and privileged strategic partnership" between Moscow and New Delhi, and said issues including climate change would be on the agenda.
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