Putin proposes BRICS grain market, insurance mechanism to counter global pressures
Russian President Vladimir Putin on Sunday proposed creating an insurance mechanism and a collaborative grain market within BRICS, calling for greater economic cooperation among member countries and a collective approach to tackling global challenges.
Addressing the concluding session of the BRICS summit, Putin said the grouping had the potential to develop independent mechanisms for the movement of capital, labour and technology while reducing its vulnerability to external pressures.
"We have independent routes for moving capital, labour and technologies. In fact, we can operate regardless of outside pressure," Putin said.
"We have some promising initiatives going forward, such as creating an insurance mechanism and a grain market. These are Russian proposals, and we invite all other member states to make use of those," he said, without elaborating on the proposed mechanisms.
Putin's proposals come as Russia continues to face extensive sanctions from Western countries over its war in Ukraine, including restrictions affecting the insurance of ships carrying Russian crude.
The G-7, European Union and UK have barred Western companies from insuring vessels transporting Russian crude unless the oil is purchased at or below a specified price cap. The restrictions have affected Russia's crude oil exports.
Putin also pitched the creation of a dedicated platform for economic growth within BRICS, saying it could bring together the competitive strengths of member countries and create new opportunities for investment and cooperation.
"We have great new horizons for investment and cooperation and partnership between markets. We're talking about forming a joint platform for growth within BRICS that would combine the competitive advantages of all members of the group," he said.
"This platform must be built on the principles of openness and availability to not just the partners of BRICS, but to all of our friends," he added.
Putin praised the New Development Bank (NDB), the multilateral development bank established by BRICS nations, saying it was handling projects worth USD 140 billion.
He called for a broader response to emerging global challenges, saying BRICS and other Global South countries should work towards improving global governance and addressing both traditional and non-traditional security threats.
"As global challenges keep surfacing, we should adopt a holistic approach to address both the symptoms and root causes," Putin said.
"Global South countries should jointly advance better (global) governance structure and tackle both traditional and nontraditional security threats," he added.
Putin said the growing participation in BRICS reflected increasing international interest in the grouping and its emphasis on an independent approach to global issues.
"The broad participation in today's meeting confirms that international interest in BRICS continues to grow. Many around the world find our core values and ideals appealing, including our commitment to charting an independent course and a desire to resolve problems collectively, guided by international law and the key provisions of the UN Charter," he said.
The concluding session was attended by the full BRICS member nations as well as partner countries.
Putin said the expanded format provided an opportunity for direct dialogue between full members, partner countries and other states and multilateral organisations interested in working with the grouping.
BRICS originally comprised Brazil, Russia, India, China and South Africa. It expanded in 2024 to include Egypt, Ethiopia, Iran, the UAE and Saudi Arabia, while Indonesia joined in 2025.
Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan and Vietnam became BRICS partner countries last year.
The grouping now brings together 11 major emerging economies, representing around 49.5 per cent of the global population, 40 per cent of global GDP and 26 per cent of global trade.
