The current political situation in the world is becoming increasingly turbulent, which does not give an unambiguous answer to the question of the future architecture of global governance, the balance of power and the role of international forums such as the BRICS grouping of Brazil, Russia, India, China and South Africa – the prospects of which now seem highly controversial. As president of the BRICS in 2015, Russia did its best to promote dialogue at all levels of the BRICS, especially by increasing the number of formats and meetings within the main and outreach tracks. The BRICS Economic Partnership Strategy, which was adopted at the Ufa Summit, confirmed the consolidated positions on major financial and economic issues and on the general principles for relations between the subjects of world politics and specific development issues. Important steps were taken to develop cooperation within the BRICS in energy, science, technology, innovation and other areas. Relevant documents, declarations and action plans were prepared throughout the presidency. Several inaugural BRICS events were held, such as youth, global university and civil summits, creating a civil society component that definitely strengthened the BRICS. As a result of Russia’s presidency, the group has shown interest in further consolidation and development: the more complex the situation in a member, the more it is interested in mutual support and common positions in the existing system of global governance. Although the Ufa Summit demonstrated unity among the members and their intentions to cooperate on the agenda, many meetings and consultations revealed systemic divergences.The economic crisis in several countries narrowed the opportunities for cooperation and highlighted the existing political contradictions. Nonetheless, as a powerful mechanism for positioning these large economic actors outside the interests of the Group of Seven, the external representation of the BRICS is most efficient when the countries consolidate their positions in the Group of 20 or other international organizations and communities. BRICS positions have become very noticeable in such instances. However, the BRICS countries have not yet reached an adequate level of cooperating and promoting the irinterests in the United Nations, which could be considered one trouble spot for the group.This article presents a comprehensive analysis of various factors affecting the ongoing formation and development of the BRICS, and offers possible formats for its institutionalization, expansion with new members, and options for competing with the new structures of economic growth and regional trade and economic unions. It concludes that the BRICS should remain a strategic priority for Russia.