Russia, China seek world power 'rebalancing' with G7-alternative: 'indispensable mechanism'

The BRICS economic bloc has discussed and accepted applications for new members, including Iran and Saudi Arabia as well as some unnamed European countries.

Jaishankar stressed that the five nations comprising the group needed to "send out a strong message that the world is multipolar, that it is rebalancing and that old ways cannot address new situations."  Peter Aitken is a Fox News Digital reporter with a focus on national and global news. 

BRICS, named for its member states of Brazil, Russia, India, China and South Africa, met this week in Cape Town. The discussions focused on potential expansion of membership and potential for an alternative currency that could "ensure that we do not become victim to sanctions that have a secondary effect on countries" following sanctions on Russia for its invasion of Ukraine.