Putin Seeks BRICS Grain Trade, Insurance to Fight Curbs
Putin said BRICS handled $140 billion in New Development Bank projects and should build new tools to counter Western sanctions.
- On Sunday, Russian President Vladimir Putin proposed a new insurance mechanism and collaborative grain market for BRICS nations, urging the group to adopt a "holistic approach" to address global challenges.
- BRICS now comprises 11 major emerging economies representing around 49.5 per cent of global population and around 40 per cent of global GDP, having expanded since 2024 to include Iran, Ethiopia, and Indonesia.
- Western sanctions have adversely impacted Russian crude exports; the G-7, European Union, and U.K. prohibited companies from insuring ships transporting crude above price caps, prompting Moscow to seek independent routes.
- Putin highlighted the New Development Bank, which manages projects worth $140 billion, while emphasizing that BRICS is "charting an independent course" to advance better governance for the Global South.
- The proposed joint platform for growth combines competitive advantages of all BRICS members. "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," Putin said.
11 Articles
11 Articles
Putin proposes BRICS insurance, joint grain market initiative for Global South
Vladimir Putin proposed a BRICS insurance mechanism, a joint grain market and a growth platform at the summit. He said the measures could deepen intra-BRICS cooperation and support Global South economies under external pressure.
Putin proposes BRICS insurance mechanism and grain market initiative
New Delhi, Sept. 13 (SANA) Russian President Vladimir Putin proposed creating a new insurance mechanism and a joint grain market initiative among BRICS countries, as he called for stronger economic cooperation within the grouping. Speaking at the concluding session of the 18th BRICS summit in New Delhi on Sunday, Putin said BRICS countries had developed independent channels for moving capital, labor and technologies and could continue operating …
BRICS Summit 2026: Russian President Putin proposes new insurance mechanism
Russian President Vladimir Putin proposed new initiatives for BRICS economic growth. He called for a holistic approach to address global challenges effectively. Putin highlighted the growing global stature and independent course of the BRICS grouping. The bloc's expansion and partner countries underscore its increasing influence. BRICS represents a significant portion of the world's population and economy.
Coverage Details
Bias Distribution
- 67% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
