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The two leaders met ahead of the 6th BRICS Summit in Brazil.
Brazil and Russia will sign a raft of cooperation agreements in energy, investment, innovation, agriculture, science and technology.
BRICS will get a new $100 billion development bank and a $100 billion Contingency Reserve Arrangement at the Summit.
The five founding members of the new Bank will retain controlling interest should any new members be admitted.
The influence of these emerging economies in the global financial architecture as well as global politics is growing.
State-run oil and gas giant Petrobras reached a production milestone of 500,000 barrels a day at pre-salt reserves.
In the first knockout game of the 2014 FIFA World Cup, Brazil have beaten Chile in a 3-2 penalty shootout on Thursday in Belo Horizonte after a thrilling 1-1 draw
The new law has limited the metadata that can be collected on Brazilian users by access providers.
Brazil is also set to host the 2016 Olympic Games.
The Brazilian cities of Fortaleza and Brasilia will host the 6th BRICS Summit on the 14th, 15th, and 16th July.