Russian President Vladimir Putin has put forward a plan to create an insurance mechanism and a joint grain market for the BRICS countries, aiming to boost economic collaboration and establish more autonomous financial and trade systems. During the BRICS outreach session, Putin emphasized the need for member states to develop their own channels for moving capital, labor, and technology, thereby reducing dependence on external pressures.
Putin highlighted that Russia has already suggested an insurance mechanism and a grain market framework that can be utilized by other BRICS nations. This initiative comes in response to Western sanctions that have impacted Russian energy exports. The European Union, along with the G7 and the UK, has restricted Western companies from providing insurance services to vessels transporting Russian oil unless specific price-cap conditions are met.
Praising the New Development Bank, which was established by the BRICS nations, Putin stressed the importance of strengthening financial cooperation among emerging economies. He urged for a comprehensive approach to global issues, suggesting that BRICS countries should address both immediate consequences and the root causes of international crises.
Moreover, Putin called on countries from the Global South to unite in reforming global governance and tackling both traditional and new security challenges. He noted that the growing interest in BRICS reflects the international community’s increasing focus on the group’s efforts to promote a more independent stance on global economic and political matters.