Representing 41.1% of the world’s population and 37.3% of its GDP, the bloc aims to counterbalance United States-led Western alliances.

The U.S. slapped heavy sanctions on Russia after its Feb. 2022 invasion of Ukraine, including major blocks on the transactions of Russian financial institutions, banning U.S. imports of Russian energy products, and personal sanctions on Russian oligarchs in Putin's inner circle.

The BRICS summit in Russia will be the "the largest foreign policy event ever held" by Russia, Kremlin foreign affairs adviser Yuri Ushakov has said. The summit with include 36 countries with over 20 represented by heads of state. Russian President Vladimir Putin has positioned the BRICS summit as a counterweight to the West.