- Russian President Putin proposed a new insurance mechanism and grain market for BRICS nations
- He emphasized developing independent channels for capital, labour, and technology movement
- Putin highlighted the New Development Bank's $140 billion worth of ongoing projects
Russian President Vladimir Putin has proposed the creation of a new insurance mechanism and a collaborative grain market among BRICS nations, calling for stronger economic cooperation and a broader approach to tackling global challenges.
Speaking at the concluding session of the 18th BRICS summit, Putin said member countries had the potential to develop independent channels for the movement of capital, labour and technology despite external economic pressure.
“We have some promising initiatives going forward, such as creating an insurance mechanism and a grain market,” Putin said, describing the proposals as Russian initiatives and inviting other BRICS members to participate.
The proposed insurance mechanism could be significant for Russia, whose energy exports have been affected by Western sanctions. The G7, European Union and UK have restricted Western companies from providing insurance for vessels carrying Russian crude unless the oil is sold within a specified price cap.
Putin also praised the performance of the New Development Bank, a multilateral financial institution established by BRICS, saying it is handling projects worth about $140 billion. He presented the bank and other BRICS initiatives as part of efforts to strengthen independent economic cooperation among emerging economies.
Beyond economics, Putin urged BRICS and Global South countries to adopt a comprehensive approach to international challenges, addressing both their immediate symptoms and underlying causes. He called for stronger global governance and joint efforts to counter traditional and non-traditional security threats.
Putin said growing participation in BRICS meetings demonstrated increasing international interest in the grouping and its emphasis on independent decision-making, collective problem-solving, international law and the principles of the UN Charter.
BRICS has expanded significantly since its original formation by Brazil, Russia, India, China and South Africa. The group now comprises 11 full members, following expansions that brought in Egypt, Ethiopia, Iran, the UAE, Saudi Arabia and Indonesia. It also includes several partner countries.
The bloc represents a significant share of the global population, economy and trade, reinforcing its growing influence in international affairs.
(With the PTI inputs)
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