BRICS Foreign Ministers’ meet likely in May; Wang Yi, Lavrov may attend
India will host the BRICS Foreign Ministers' Meeting on May 14–15, 2026, in New Delhi, as part of its 2026 BRICS chairship.
Russian Foreign Minister Sergey Lavrov has confirmed attendance; Chinese Foreign Minister Wang Yi is also expected to be present.
The meeting will be chaired by External Affairs Minister Dr. S. Jaishankar.
It is the first major ministerial-level gathering under India's 2026 presidency and will help set the agenda for the full BRICS Summit later in the year.
Key discussion areas are expected to include the West Asia conflict, the Russia-Ukraine situation, de-dollarisation, and digital public infrastructure.
BRICS Institutional Mechanisms and the Ministerial Meeting
BRICS operates through a series of tiered meetings — working groups, sectoral ministerials, and the annual Summit at which Heads of State participate. The Foreign Ministers' Meeting is one of the most significant pre-Summit consultations, as it frames the political agenda and negotiates the language of joint communiqués and declarations. Under India's 2026 chairship, the ministerial is expected to produce agreed text on de-dollarisation, multilateral reform, and the emerging Global South debt agenda.
Key Details
- BRICS has no permanent secretariat (unlike the UN, WTO, or IMF) — rotating chairship determines the meeting schedule and agenda-setting.
- Past BRICS Foreign Ministers' meetings have produced joint statements on UNSC reform, WTO reform, Palestine, and climate finance.
- The BRICS Business Council, BRICS Think Tanks Council, and BRICS Parliamentary Forum also operate alongside the governmental track.
- India hosted the BRICS Summit in 2021 (virtual, due to COVID-19) and previously in 2012 and 2016.
The May ministerial is the key preparatory event for the BRICS Summit — its outcome will shape whether India's chairship produces substantive deliverables or is limited to procedural consensus.
India-Russia Relations in the BRICS Context
Russia's participation in BRICS through FM Lavrov is notable given the ongoing Russia-Ukraine conflict and India's careful neutrality. India-Russia ties have deep historical roots: the 1971 Indo-Soviet Treaty of Peace, Friendship and Cooperation provided India critical diplomatic cover during the Bangladesh Liberation War. Russia remains India's largest arms supplier, and the two countries have expanded energy trade significantly since 2022 when India began purchasing discounted Russian crude oil.
Key Details
- India signed the Indo-Soviet Treaty of Peace, Friendship and Cooperation in 1971 (25-year duration; key provisions used during 1971 war).
- Russia accounts for approximately 1–1.5% of India's trade but over 50% of India's defence equipment inventory by value.
- Since 2022, Russia has become India's top crude oil supplier, with imports jumping from near zero to about 35–40% of India's oil basket.
- India and Russia conduct annual "2+2" ministerial dialogues and bilateral summits at the PM level.
- Both are members of BRICS, SCO (Shanghai Cooperation Organisation), and the G20.
Lavrov's confirmed attendance at the BRICS ministerial demonstrates that despite Western pressure, India-Russia engagement continues through multilateral channels — with BRICS providing a format that normalizes Russia's participation alongside Western-aligned Gulf states.
De-Dollarisation and BRICS Alternative Finance
A recurring theme in BRICS meetings is reducing dependence on the US dollar in international trade and reserves. This encompasses bilateral local currency trade agreements, expanding the New Development Bank (NDB), and exploring a potential BRICS reserve currency or payment system. Progress has been slow — the dollar accounts for over 58% of global foreign exchange reserves and most commodity trade — but India-Russia trade in rupees and roubles, and India-UAE trade in rupees and dirhams, reflect incremental shifts.
Key Details
- The IMF's Special Drawing Rights (SDR) basket currently includes: US dollar, Euro, Chinese Renminbi, Japanese Yen, and British Pound.
- The New Development Bank (NDB) has disbursed over USD 35 billion in loans since 2015, focused on infrastructure and sustainable development.
- Russia and China have championed BRICS as a platform to challenge dollar hegemony — a position India has been more cautious about, given its dollar-denominated reserves and trade.
- The Unified Payments Interface (UPI) is positioned by India as a digital public infrastructure model for BRICS members — India's key agenda item for 2026.
- India and the UAE operationalized a rupee-dirham trade settlement mechanism in 2023.
The May ministerial will advance discussions on all these themes; India's role as chair makes it a convener of conversations it must manage carefully — supporting Global South financial sovereignty while not antagonizing the Western financial system it remains integrated with.
- BRICS Foreign Ministers' Meeting date: May 14–15, 2026, New Delhi
- India's 2026 BRICS chairship theme: "Building for Resilience, Innovation, Cooperation and Sustainability"
- Confirmed attendee: Russian FM Sergey Lavrov; expected: Chinese FM Wang Yi and all other member FMs
- BRICS has 11 members as of 2026: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, UAE, Saudi Arabia
- NDB loans disbursed: Over USD 35 billion (2015–2025)
- India's share of Russian oil imports: ~35–40% of total oil basket (post-2022)
- India's UPI digital payment platform — key showcase for BRICS digital public infrastructure discussions
- BRICS GDP (PPP) share: ~35% of world; population share: ~40%