Putin sends defiant message to the West as he gathers world leaders for BRICS summit to show sanctions aren't working

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.'