Jim O’Neill, the former Goldman Sachs chief economist who coined the BRIC acronym, expressed doubt about the effectiveness of the BRICS group, stating that it has achieved little in the past 15 years. He emphasized that the idea of BRICS challenging the dominance of the U.S. dollar is unrealistic as long as China and India remain divided and fail to cooperate on trade matters.

O’Neill criticized the BRICS as an alternative global economic club, comparing its ambitions to unrealistic ideas, and noted the need for reform in global governance to accommodate the rising influence of these nations.

At the recent BRICS summit, Russian President Vladimir Putin aimed to show that Western efforts to isolate Russia due to the Ukraine conflict have been unsuccessful, highlighting Russia's growing ties with emerging Asian powers.