The RIC is a strategic trilateral grouping or concept, standing for Russia-India-China. It was first conceptualized in the late 1990s by former Russian Prime Minister Yevgeny Primakov. The primary problem it was created to solve was the post-Cold War unipolar world order, aiming to establish a "counterbalance to the Western alliance" and promote multipolarity. The grouping was institutionalized in the early 2000s and has held over 20 ministerial-level consultations since its inception.
The mechanism works as a high-level platform for dialogue, seeking to leverage the combined economic and demographic heft of the three largest Eurasian countries. Together, the RIC nations account for nearly a third of the world's total output and roughly 38% of humanity. A key objective is to challenge the supremacy of the US dollar by promoting non-Western payment systems and alternative financial instruments. The RIC forms the core of the larger multilateral groupings, the Shanghai Cooperation Organisation (SCO) and BRICS. For India, engagement with RIC is part of its policy of multialignment and helps assert strategic autonomy, balancing ties with Western alliances like the Quad.
The grouping became largely dormant following the India-China Galwan border confrontation in 2020. However, Russia has recently called for its revival, with Foreign Minister Sergey Lavrov advocating for the resumption of the mechanism, driven by factors like Western sanctions on Russia and the need for trade diversification.