Russia has overtaken Japan to become the world’s fourth-largest economy, according to new International Monetary Fund (IMF) data, despite facing thousands of Western sanctions.

The IMF reports that Russia now accounts for 3.55% of global GDP measured by purchasing power parity (PPP), while Japan’s share stands at 3.38%.

The shift comes despite more than 16,500 sanctions imposed on Russia by Western nations, including the US, UK, EU, Japan, Canada and Australia, following its invasion of Ukraine in 2022.

China remains the world’s largest economy by PPP, contributing 18.8% to global GDP, followed by the United States at 15% and India at 7.9%.

The data emerges as BRICS nations gather for their 16th summit in Kazan, Russia, highlighting the growing economic influence of the bloc, which now includes three of the world’s four largest economies.

South African President Cyril Ramaphosa, speaking at the summit, emphasised BRICS’ potential to reshape global economics.

“We must undertake bold steps towards a mutual, shared and equitable prosperity,” he said, adding that South Africa seeks “the smooth operation of supply chains, trade, tourism, and financial flows free from external influence in a multi-polar world.”

President Ramaphosa highlighted BRICS’ role in addressing challenges faced by developing nations, describing it as “an inclusive formation” capable of transforming the Global South.

However, he stressed that member nations must “realise the full potential of this economic partnership to ensure sustainable development for all.”

The IMF’s latest figures suggest a significant shift in global economic power, with BRICS nations now holding greater economic influence despite Western attempts to isolate Russia through sanctions.

This development could have far-reaching implications for international trade and diplomatic relations, particularly as BRICS seeks to position itself as an alternative to Western-dominated financial systems.