Russia, the world's second-largest oil exporter and holder of the largest natural gas reserves, will host the annual Energy Week International Forum this weekend and is expected to host a meeting of BRICS energy ministers, Reuters reported.
“It is obvious that in the new geopolitical realities, cooperation in the energy sector will serve the purpose of strengthening the national economy, helping to solve priority social problems and improving the quality of life of citizens,” Russian President Vladimir Putin said in a letter to the participants and guests of the forum.
"It is important to agree on common principles for our countries in the process of a just energy transition and outline ways to strengthen the role of BRICS in the global energy dialogue," Putin said about the upcoming meeting of BRICS Energy Ministers.
The forum has previously been attended by delegates from Saudi Arabia, the world's largest oil exporter. The Saudi Arabian Energy Ministry did not immediately respond to a question about whether Energy Minister Prince Abdulaziz bin Salman would attend the event.
President Putin's spokesman Dmitry Peskov said last week that the Kremlin would provide an update on the forum's participants "at the appropriate time."
BRICS was established as an informal bloc in 2009, comprising the emerging economies of Brazil, Russia, India, China, and South Africa.
BRICS was expanded in early 2024 with the participation of new members Egypt, Ethiopia, Iran, United Arab Emirates (UAE).
After BRICS expansion, the bloc accounts for 42% of global oil and gas reserves.
Saudi Arabia has not yet officially joined BRICS, however, Russian Foreign Minister Sergei Lavrov said he has invited Saudi Crown Prince Mohammed Bin Salman to attend the BRICS summit in Kazan, Russia in October.
23 countries have officially applied to join BRICS ahead of this year's BRICS summit.
In addition, 24 other countries have also expressed their desire to join BRICS informally. Thus, the total number of countries wishing to join BRICS has increased to 47 - possibly making BRICS the group with the largest number of member countries on the planet.
The BRICS summit is scheduled to be held in Kazan, Russia from October 22 to 24. Some important discussions on trade and new agreements may come up at the summit. BRICS may also discuss the widespread use of local currencies, for cross-border transactions.
The share of national currencies in transactions between BRICS members is growing and has surpassed that of previous major currencies, Sameep Shastri, Vice President of the BRICS Chamber of Commerce and Industry, told Sputnik.
