BRICS has the potential to become a key regulatory institution in the context of a new multipolar world order, Russian President Vladimir Putin said on Friday.

Global interest in the organization is steadily increasing, said the president during his speech at the Russian Foreign Ministry, adding that Russia will aim to facilitate the smooth integration of new BRICS members into the association within the framework of the country's chairmanship.

"The contours of a multipolar and multilateral world order are being shaped on the basis of this new political and economic reality, this is an objective process," Putin said.

The promotion of the principles of multipolarity in international affairs will enable countries to jointly solve the most complex global problems for the common benefit, he said.

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