But independent foreign policy experts say the BRICS group is still a long way from achieving its main goals and Russian ties with China remain less developed than Moscow would like.
Progress on the New Development Bank, first proposed in 2012, has also been slow.
At last year's BRICS summit in Brazil it was agreed the headquarters would be in Shanghai but China ratified the bank only last week and it is not expected to be operational until next year. Its capital still has to be rated to issue debt.
Other emerging markets such as Turkey, Mexico, Indonesia and Nigeria could join as partners at a later date.
The contingency reserves pool is expected to start operating immediately to help members if they are hit by a sudden exodus of foreign capital.
The summit coincides with a meeting in Ufa of the Shanghai Cooperation Organization (SCO), a security bloc grouping China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan, which India and Pakistan are set to join.
Putin is also expected to hold talks with Iranian President Hassan Rouhani in Ufa. Iran has observer status in the SCO.