ISTANBUL 

Russian Prime Minister Mikhail Mishustin said Tuesday the contribution of BRICS nations to the global economy is increasing, contrasting it with a decline in the share of the G7 group of industrialized nations.

"The weight of different countries in the global economy continues to shift. The contribution of the Global South and East, primarily the BRICS countries, is growing, while the G7's share is declining," Mishustin was quoted by the Tass news agency at a strategy session on foreign economic activity in Moscow.

He emphasized that Russia requires robust foreign economic engagement to bolster growth across sectors, increase demand for domestic goods and services and sustain new industrial and technological initiatives.

The prime minister acknowledged that the country faces significant hurdles, specifically "mounting sanctions pressure" and escalating tariffs, which he said have worsened imbalances in international trade.

To navigate those conditions, Mishustin noted that the government is modifying its economic support mechanisms to meet national targets established by President Vladimir Putin, with a focus on fostering a supply-side economy.

BRICS, originally comprised of Brazil, Russia, India, China and South Africa, recently moved to expand its membership, positioning itself as a counterweight to Western-dominated economic institutions.