Speculation surrounds potential discussions on a common currency or alternative payment mechanisms among BRICS nations to reduce reliance on foreign exchange.

This summit is significant for Putin, occurring two and a half years into the war with Ukraine, as he aims to project power despite the challenges posed by Western sanctions.

Gold is viewed as a stable asset for BRICS nations, helping to mitigate economic risks and protect against inflation.

From October 22 to 24, Putin will host a BRICS summit in Kazan, welcoming new members Egypt, Ethiopia, Iran, and the UAE to join the existing group of Brazil, Russia, India, China, and South Africa.

The timing of the summit is particularly strategic, coinciding with the upcoming U.S. elections, which may influence international relations and support for Ukraine.

While the U.S. has dismissed BRICS as a potential geopolitical rival, it remains wary of Russia's growing influence amid the ongoing Ukraine conflict.

Political analysts suggest the summit aims to demonstrate that Russia has allies, countering Western narratives of its isolation.

The Kremlin seeks to showcase its global alliances and negotiate economic deals, particularly with India and China, to bolster its economy and war efforts amid Western sanctions.

Experts note that despite the potential of BRICS, internal diversity poses challenges for cooperation, particularly regarding relations with the West.

Putin has criticized U.S. sanctions as counterproductive, acknowledging the interconnectedness of the global economy, especially between China and the United States.

The summit coincides with global financial discussions in Washington, amidst ongoing conflicts in Ukraine and the Middle East, and economic concerns in China.

Ukrainian President Volodymyr Zelensky has warned that a Russian victory in Ukraine could embolden aggressors globally, highlighting the broader implications of the conflict.