Russia has officially taken over the one-year rotating chairmanship of the BRICS group, succeeding outgoing chair South Africa.

Russian President Vladimir Putin has pledged to facilitate the smooth integration of the five new BRICS members – Egypt, Iran, the United Arab Emirates, Saudi Arabia, and Ethiopia – into the organization's operations during its year-long term.

As of January 1, these five nations formally become full-fledged members of BRICS, marking an expansion of the intergovernmental association. Notably, Argentina, slated to be the sixth new member, declined the group's invitation to join, as communicated by the new Argentinian President Javier Milei in a letter on December 29.

Putin emphasized Moscow's commitment to supporting the new members in harmoniously integrating into the organization's operating mode. Among Russia's priorities during its chairmanship is the establishment of a common trade settlement mechanism within the BRICS economies.

Financial cooperation takes center stage in Moscow's agenda, given the unprecedented sanctions imposed on Russia and China, two of the founding members. Ivan Timofeyev, the general director of the Russian International Affairs Council (RIAC), highlighted the importance of addressing financial relations amidst the evolving global economic landscape.

Discussions on Middle East settlement, ongoing since the extraordinary summit in November, will continue, along with deliberations on various global issues traditionally addressed by BRICS countries. Additionally, attention will be given to the finalization of a new category of BRICS partner states, with priority given to the candidacies of Belarus and Kazakhstan among the more than 20 countries expressing a desire to join BRICS.

Russia has announced approximately 200 BRICS-related events, including about 10 at the ministerial level. Nizhny Novgorod and Kazan are set to host key BRICS events, including a meeting of foreign ministers in Nizhny Novgorod in the summer and the annual BRICS summit in Kazan in October.

BRICS, established in 2006 with Brazil, Russia, India, and China as its initial members, welcomed South Africa into the fold in 2011. The current expansion marks a significant milestone in the group's efforts to enhance its global influence. (ILKHA)