Exactly.

Russia had a great starting line. Educated people, a history of innovation, and natural resources. And in the early 2000's, it seemed like Russia was going to capitalize on it. However, Putin instead enriched his own cronies, and decided he wanted to be the next Peter the Great, thinking it's still the 17th century. And it all went downhill...

And that's also the problem in the other BRICS countries. Weak internal system and institutions (easy to be hijacked by strong personalities like Putin, Bolsonaro, Xi, or Modi), corruption, large wealth disparities...