What Happened
- Russia's Deputy Foreign Minister confirmed that President Vladimir Putin is likely to attend the 18th BRICS Summit in New Delhi, scheduled for September 2026, at Prime Minister Modi's invitation.
- Russia has pledged to honour all past contracts on oil exports to member states despite Moscow's temporary ban on gasoline exports, which was introduced to address domestic fuel supply pressures.
- Putin's expected Delhi visit would be his second trip to India in less than a year, following his bilateral summit visit in December 2025 that marked 25 years of the India-Russia Strategic Partnership.
- India assumed the rotating BRICS chairmanship on January 1, 2026, with the theme "Building for Resilience, Innovation, Cooperation and Sustainability" — India's fourth time chairing BRICS (previous: 2012, 2016, 2021).
- The 2026 summit will be the first under the fully expanded BRICS format with 11 full members and 10 partner countries, making it the largest BRICS gathering in the bloc's history.
- India's BRICS chairship priorities include financial system reform (de-dollarisation mechanisms), climate finance, digital public infrastructure, and reform of multilateral institutions including UNSC.
Static Topic Bridges
BRICS: History, Expansion, and Current Architecture
BRICS began as an economic concept coined by Goldman Sachs economist Jim O'Neill in 2001 (then "BRIC"). The first formal BRIC summit was held in Yekaterinburg, Russia in June 2009; South Africa joined in 2011, creating the BRICS acronym. In 2024, five new members joined: Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE. Indonesia became the 11th member in 2025. Additionally, in 2025, ten Partner Countries were admitted — Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan, and Vietnam — creating a broader "BRICS+" architecture. The bloc collectively represents approximately 40% of the world's population and over 35% of global GDP (by PPP).
- Original BRICS summit: Yekaterinburg, Russia, June 2009 (Brazil, Russia, India, China)
- South Africa joined in 2011; five new full members joined in 2024; Indonesia joined 2025
- Current full members (11): Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia, UAE, Indonesia
- New Development Bank (NDB): established 2015; headquartered in Shanghai; initial authorised capital $100 billion
- Contingent Reserve Arrangement (CRA): $100 billion financial safety net for members
Connection to this news: India hosting the first expanded BRICS leaders' summit and securing Putin's attendance despite the Ukraine conflict and Iran war context signals India's continued centrality as a diplomatic bridge between Western-aligned and non-Western blocs.
India-Russia Strategic Partnership
India and Russia have maintained a "Special and Privileged Strategic Partnership" formalised in 2010, built on decades of Soviet-era defence, technology, and economic cooperation. Russia is India's largest defence supplier (historically ~60-70% of India's military hardware), though India has been diversifying toward the US, France, and Israel. The bilateral relationship has deepened since 2022 due to India's refusal to condemn Russia's invasion of Ukraine and the rapid expansion of energy trade. In 2025, India-Russia bilateral trade crossed $65 billion — driven overwhelmingly by crude oil — compared to roughly $13 billion before 2022. The annual India-Russia summit alternates between the two capitals.
- India-Russia Strategic Partnership: originally signed in 2000; upgraded to "Special and Privileged" level in 2010
- Russia remains India's largest defence supplier: BrahMos missiles, S-400 systems, INS Vikramaditya, Su-30MKI
- Bilateral trade FY 2024-25: approximately $65 billion (India surplus heavily skewed by oil imports)
- India abstained (did not condemn) on all major UNGA votes on the Ukraine conflict
- Putin's December 2025 Delhi visit was his first to India since 2021
Connection to this news: Putin's BRICS summit attendance reinforces the India-Russia relationship's resilience to Western pressure, and Delhi's ability to host a world leader facing an ICC arrest warrant (for Ukraine) demonstrates the limits of Western normative frameworks outside the Western alliance.
BRICS and Multilateral Financial Architecture Reform
BRICS countries have been the primary advocates for reforming the post-World War II international financial architecture — dominated by the IMF, World Bank, and US dollar — to better reflect the economic weight of the Global South. Key initiatives include the New Development Bank (NDB), the Contingent Reserve Arrangement (CRA), and active promotion of trade in national currencies and bilateral currency swap agreements to reduce dollar dependency. India's 2026 chairship is expected to advance proposals for a BRICS settlement and payment system as an alternative to SWIFT for intra-BRICS trade.
- NDB: headquartered in Shanghai; has approved over $30 billion in projects; expanded membership includes Bangladesh, UAE, Egypt, Uruguay
- CRA: $100 billion pool for short-term balance of payment support; 41% contribution from China
- India's de-dollarisation stance: pragmatic — supports national currency trade but has not committed to a BRICS currency
- India-Russia trade: significant portion now settled in UAE Dirhams and Indian Rupees
Connection to this news: Russia's oil export commitments to BRICS partners, and the presence of major oil producers (Saudi Arabia, UAE, Iran) in the expanded BRICS, make the Delhi summit a significant forum for reshaping energy trade settlement mechanisms outside the dollar system.
Key Facts & Data
- India assumed BRICS chairmanship January 1, 2026; 18th BRICS Summit to be held in New Delhi in September 2026
- BRICS 2026 theme: "Building for Resilience, Innovation, Cooperation and Sustainability"
- Full BRICS members: 11 (as of 2025); Partner Countries: 10 (added 2025)
- Putin visited India in December 2025 for the 23rd India-Russia Annual Summit
- India-Russia bilateral trade: approximately $65 billion in FY 2024-25 (vs ~$13 billion pre-2022)
- New Development Bank: authorised capital $100 billion; headquartered in Shanghai
- BRICS collectively represents ~40% of global population and over 35% of global GDP (PPP)