President Vladimir Putin welcomed his Chinese counterpart, Xi Jinping, to Russia on Tuesday, as the Kremlin head prepares to host several leaders of developing nations at an intergovernmental summit this week.

The BRICS summit in Russia will be the "the largest foreign policy event ever held" by Russia, Kremlin foreign affairs adviser Yuri Ushakov has said. The summit with include 36 countries with over 20 represented by heads of state. Russian President Vladimir Putin has positioned the BRICS summit as a counterweight to the West.

The three-day event will seek to address two major wars and global dependence on the U.S. dollar-dominated banking system.