The Significance of the Russian Federation in the Emergence of BRICS as a Multilateral Institution

Abstract

This article focuses on the role of Russia in the emergence of BRICS as a power bloc in global society. It also highlights the changing dynamics of global politics with reference to the global South, the power decline of the United States and European Union, and Russia’s role in this context. The paper has dealt with the economic rise of the BRICS countries in the global economy. It also speaks of the asymmetry between the affluent countries and the BRICS countries in the established financial institutions. It also argues that it was the inadequacies of the global financial institutions that led to the creation of the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA). Finally, it discusses the differences among the BRICS-led New Development Bank and the Contingent Reserve Arrangement and the Western world-led World Bank and the International Monetary Fund. This paper explains the evolution of BRICS as a global flora in dealing with the emerging new trends in world politics with reference to the role of Russia. It also touches upon the securitization of BRICS.