Abstract: The article examines the role of investment cooperation within the framework of the BRICS as an alternative mechanism for attracting foreign direct investment into the Russian economy in the face of sanctions pressure, which led to the disruption of its international investment ties. Since 2022, Western countries have practically curtailed their investment presence in Russia or frozen assets as part of sanctions. Under these conditions, the importance of the BRICS association has increased, the participants of which collectively form the largest «non-Western» investment block of the world economy. The study aims to analyze investment cooperation between Russia and the BRICS+ countries, assess its real scale, identify conditions and barriers to its expansion, and identify areas for the development and improvement of public investment policy, taking into account certain problems and key areas of development. The object of the study is investment cooperation within the framework of the BRICS, and its subject is the mechanisms, dynamics and institutional conditions for attracting FDI from the BRICS countries to the Russian economy. The research is based on general scientific methodology, as well as statistical data from national banks, international organizations and analytical centers. According to the results of the study, the BRICS countries are taking an increasingly important position in the global investment space, which means a structural shift in favor of non-Western centers of capital attraction. However, Russia found itself sidelined from this investment dynamic, the main reasons for which were the instability of the BRICS institutional architecture in the face of sanctions pressure and the threat of secondary sanctions. A number of areas have been identified for improving Russia's investment policy in the context of cooperation with BRICS partners (development of special investment regimes, accelerating the formation of an investment settlement infrastructure in national currencies and central securities, partial restructuring of the NBR in relation to the Russian position, and reorientation of investment priorities to technological sectors). Scenarios for further development of investment cooperation in the BRICS-Russia format are presented.

Keywords: BRICS, foreign direct investment, international investment position, sanctions, New Development Bank, pool of foreign exchange reserves, alternative investment channels, friendly jurisdictions, secondary sanctions, investment cooperation