Latin America

It is indicative of a collective movement away from the West, a demonstration of a fundamental shift within the world order that is seeking to challenge Western economic hegemony,” Callum Fraser, a research fellow in Russian and Eurasian security at the Royal United Services Institute (RUSI) think tank, told CNBC Monday. Fraser added that it was “still unclear to what degree BRICS+ will be able to challenge the Western-dominated G7, or even to what degree they are able to align their visions of the international system.”

Callum Fraser, Research Fellow in Russian Security at the RUSI think tank, told MailOnline: 'BRICS is just as much a symptom of emerging multipolarity as it is a catalyst. It exists primarily because each of its member states is looking to shape the international system to cater for their own national interests - these states consider the Western-led system to not adequately cater to their interests, so have created an alternative organisation to do so. Putin's primary focus will be the creation of an alternative payment system, either using a BRICS currency, cryptocurrency, or an alternative to SWIFT. Other states within BRICS will be considering this, but whether or not it will be an achievable goal of this year's summit remains to be seen.'

BRICS once again has fresh air coming into its lungs, in part because the Western-led order and its organizations are experiencing disarray," Carlos Solar, a senior fellow at the Royal United Services Institute, a London-based think tank, told RFE/RL. "The larger idea is that the world is changing and what happens next for international banking, finance, and law could define which regions of the world will be the most important in the decades to come.