Russian President Vladimir Putin has presided over a closing session of a summit of the BRICS bloc of developing economies, hailing its role as a counterbalance to the West.

Indian prime minister Narendra Modi and Chinese president Xi Jinping held their first formal meeting in five years after a violent border confrontation between the two countries threw bilateral relations into a tailspin.

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.