**Recent BRICS developments point to a deliberate pause on full-membership expansion.** The September 12–13, 2026 New Delhi summit under India’s chairship focused on consolidating the existing 11-member grouping (Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, UAE, Indonesia, and Saudi Arabia with its ambiguous status) and the 10 partner countries rather than admitting new full members. Officials explicitly noted the absence of consensus among current members for further enlargement, with priority given to integrating recent additions and advancing cooperation mechanisms such as the New Development Bank. More than 30 countries have expressed interest, and candidates including Nigeria, Turkey, and Azerbaijan remain in discussion, yet the New Delhi Declaration emphasized multilateral reforms, local-currency financing, and Global South engagement without new accession decisions. Earlier signals in 2026 also indicated a temporary suspension of full expansion amid internal divergences. With the year nearing its close and no scheduled pathway for rapid consensus, traders assign an 86% implied probability that no new full member will join before December 31, 2026.