Trump has threatened to impose 100% tariffs against the bloc if they take any moves to undermine the dollar. Last year, at the summit hosted by Russia in Kazan, the Kremlin sought to develop alternatives to U.S.-dominated payment systems which would allow it to dodge Western sanctions imposed after Russia’s invasion of Ukraine in February 2022

More than 30 nations have expressed interest in participating in the BRICS, either as full members or partners.

BRICS leaders are set to discuss key global political issues, but questions over the bloc’s unity have arisen as Chinese President Xi Jinping and Russian President Vladimir Putin have opted to skip the summit.