In a call for enhanced economic collaboration, Russian President Vladimir Putin has suggested the establishment of a new insurance mechanism and a shared grain market among BRICS nations. During the BRICS outreach session, Putin emphasized the need for member countries to forge stronger independent channels for capital, labor, and technology to shield themselves from external pressures.
Putin pointed out that Russia has initiated proposals for an insurance mechanism and a collective grain market, which could benefit other BRICS members. This comes amid ongoing Western sanctions and restrictions affecting Russian energy exports. In particular, the European Union, G7, and the UK have placed limits on insurance services for vessels transporting Russian oil unless specific price-cap conditions are adhered to.
Praising the New Development Bank set up by BRICS countries, Putin highlighted the significance of expanding financial cooperation among emerging economies. He advocated for a comprehensive approach to tackling global issues, urging BRICS nations to address both the immediate impacts and root causes of international crises.
Furthermore, Putin called on Global South countries to collaborate on reforming global governance and addressing both traditional and emerging security challenges. He noted that the growing participation in BRICS demonstrates increasing global interest in the group’s commitment to fostering an independent stance on economic and political matters worldwide.
