Putin spoke via video link to the summit in Rio de Janeiro due to an arrest warrant from the International Criminal Court which alleges he is responsible for war crimes in Ukraine. Moscow says the warrant is unfounded and pointless. 

BRICS - an idea thought up inside Goldman Sachs two decades ago to describe the growing economic clout of China and other major emerging markets - is now a group that accounts for 45 percent of the world's population. 

"Everything indicates that the model of liberal globalisation is becoming obsolete," Putin said in televised remarks. "The centre of business activity is shifting towards the emerging markets."

Putin also called on the BRICS countries to step up cooperation in a range of spheres including natural resources, logistics, trade and finance.

The five core BRICS members - Brazil, Russia, India, China and South Africa - account for more than $28 trillion in nominal Gross Domestic Product in dollar terms while the Group of Seven accounts for more than $51 trillion, according the International Monetary Fund.

Much of the economic clout of BRICS, which also includes Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates, though, comes from China, which accounts for more than 60 percent of the combined clout the BRICS members.

Later on Monday, China said that BRICS was not seeking "confrontation" after US President Donald Trump vowed to impose an extra 10 percent tariff on countries aligning with the bloc.

"Regarding the imposition of tariffs, China has repeatedly stated its position that trade and tariff wars have no winners and protectionism offers no way forward," foreign ministry spokeswoman Mao Ning said.

Trump said he would send the first tariff letters to various countries on Monday, days before his deadline for trading partners to reach a deal expires.

He said on Sunday he would send a first batch of up to 15 letters, warning that US levies on imports would snap back to the high levels he set in April if countries failed to make agreements.

And, in a post on his Truth Social network, he threatened a further 10 percent tariff on countries aligning themselves with the emerging BRICS nations, accusing them of "anti-Americanism" after they slammed his tariffs at a summit in Rio de Janeiro on Sunday.

Conceived two decades ago as a forum for fast-growing economies, BRICS has come to be seen as a Chinese-driven counterbalance to US and western European power.

However, Beijing defended the grouping on Monday as "an important platform for cooperation between emerging markets and developing countries".

"It advocates openness, inclusivity and win-win cooperation," Mao said.

"It does not engage in camp confrontation and is not targeted at any country," she said.