Russia's Economic Diplomacy: An Analysis of BRICS and EAEU

Abstract

This study analyzes the economic diplomacy of Russia based on its bilateral activities within BRICS (Brazil, Russia, India, China, and South Africa) and the Eurasian Economic Union (EAEU) and discusses the way these platforms are utilized as instruments for promoting Russia economically and strategically. As the global economy and geopolitical tensions have shifted particularly following the 2014 annexation of Crimea and subsequent sanctions. Russia has redirected its foreign policy agenda toward multilateral engagement, seeking to reduce its reliance on Western economic systems. The study examines Russia’s position within BRICS in the broader context of international politics, highlighting its efforts to counter Western influence in global financial organizations and to promote multipolarity. At the same time, it discusses Russia’s leadership role in the EAEU, a regional economic integration project aimed at consolidating Russia’s influence in post-Soviet states. The paper identifies the major opportunities and challenges Russia faces in attempting to harmonize these two economic platforms within its foreign policy strategy. By comparing these multilateral structures, the study illustrates how Russia is responding to global and regional integration dynamics, particularly in terms of trade relations, financial cooperation, and institutional development. The findings provide insight into the evolving nature of Russia’s economic diplomacy and its efforts to reshape global economic governance.