By S'thembile Cele July 19, 2023 at 6:57 AM EDT

Russian President Vladimir Putin won’t attend next month’s summit of BRICS leaders and will instead be represented by his foreign minister, South Africa’s presidency said. The rand pared its earlier losses. Putin’s decision means the South African authorities will avoid having to execute an International Criminal Court warrant for the Russian leader’s arrest.

Russian Foreign Minister Sergei Lavrov will attend the summit in Putin’s stead, the presidency said in a statement on Wednesday. The decision for Putin not to attend was by mutual consent, it said.