MOSCOW, June 1. /TASS/. Russian President Vladimir Putin is getting ready for a virtual summit of the BRICS group (Brazil, Russia, India, China, South Africa), Kremlin Spokesman Dmitry Peskov told reporters on Wednesday.

"We will make an announcement. Undoubtedly, it is a very important event. The president is getting ready for it. We will inform you in a timely manner about how it will take place," Peskov said, when asked if Putin planned to participate in the summit scheduled for June 24.

The acronym BRICS, derived from the initial letters of the names of the group’s members, was created in December 2010, when South Africa joined the organization that had earlier been known as BRIC. The goal of the group, established at Russia’s initiative in 2006, is to boost comprehensive cooperation between member states. China is holding the BRICS presidency in 2022.