Russia is playing host while facing an economic downturn from slumping oil prices and sanctions over the Ukraine crisis. The country is keen to show its colleagues from Brazil, India, China and South Africa that both Russia's and the economic grouping’s futures are still bright.

Russia's Ufa is ready to host the 7th BRICS summit and the Shanghai Cooperation Organization (SCO) summit. Russia expects the BRICS summit to trigger off the $100 billion BRICS.

Moscow has seen a flurry of meetings in recent weeks as Russia prepares to host this year’s BRICS summit. The Kremlin is hopeful that trade and cooperation with fellow BRICS partners will develop.

China has ratified an agreement with the other BRICS members to create the New Development Bank, known as the BRICS bank.

Moscow sees the bank, along with increased trade with neighbouring China and the other BRICS members as ways to boost business lost amid worsened relations and sanctions with the West over the Ukraine crisis. BRICS are key to Russia's policy of, "import substitution."

Projects from high speed rail investments to energy trade and the technology sector are being planned by Moscow and Beijing. And it's hoped trade with South Africa could be bring in needed fruit supplies.

Russia will be keen to assure its guests at the summit not only that it has weathered its economic storm but also that BRICS provides one of its best chances for returning to healthy growth.