Abstract: The research object is the economic component of Russia’s foreign policy. The research subject is the mechanism of interaction between Russia and the BRICS’ member-states. The author considers the prerequisites to the formation of the group, the main stages of its development, and its current state. The author analyzes the key mechanisms and the results of interaction of Russia with China, India, Brazil and South Africa at the present stage. The author notes the special role of China in bilateral and multilateral cooperation with Russia, and outlines the problem of competition between the two countries in Africa and Latin America. The author defines the prospects of BRICS’ development as a group, representing an alternative to the domination of the West. To solve the research tasks, the author applies the following research methods: theoretical analysis of scientific literature on the problem under study; consideration, generalization and analysis of information on the experience of Russia’s participation in the activities of the BRICS and the mechanisms, used in international relations. The author comes to the following conclusions: 1) BRICS is in fact the priority direction of Russia’s foreign policy at the present moment. 2) Since this group is aimed at solving economic issues, it is the best format for implementation of Russia’s economic diplomacy. 3) Active cooperation with this group would help Russia to significantly strengthen its positions on the global stage. 4) Heterogeneity of economic development of the member-states and insufficiency of legal support hampers the development of this association.