The leaders of Brazil, Russia, India, China and South Africa are oholding the 14th annual meeting of their group that is known by its acronym BRICS.
Putin's remarks come after Russia was cut off from the SWIFT interbank messaging system as part of the sanctions.
The Russian president also said there are also plans to coordinate to"develop transport infrastructure, rebuild logistics routes and create new production chains." Putin said there are ongoing discussions on opening Indian chain stores in Russia and increasing the share of Chinese cars and other vehicles in the Russian market.
"China has put a lot more energy into the BRICS summit. China is getting internationally isolated in the aftermath of Ukraine, and it's looking for counterweight blocs," he told CNBC's"Street Signs Asia." But the effectiveness of the bloc is undermined by the fact it is not fully united, Crabtree pointed out.
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