Russian president calls for joint economic mechanisms and a broader BRICS response to global challenges
Russian President Vladimir Putin on Sunday proposed creating a collaborative grain market and a new insurance mechanism for BRICS member states, pitching the initiatives as part of efforts to strengthen the grouping’s economic resilience.
Putin made the proposals during an outreach session attended by BRICS members and partner countries on the concluding day of the summit hosted by India.
He said BRICS countries had developed independent channels for the movement of capital, labour and technology and could increasingly operate despite external pressure. He invited other members to participate in the proposed grain market and insurance mechanism.
The initiatives come against the backdrop of Western sanctions on Russia following its invasion of Ukraine. Restrictions imposed by the European Union, G7 and Britain have also affected insurance services for vessels transporting Russian energy, contributing to pressure on Russian crude exports.
Putin also praised the functioning of the New Development Bank, the multilateral lender established by BRICS countries, which is handling projects worth about $140 billion.
Calling for a broader response to global challenges, Putin said BRICS should address both the immediate symptoms and underlying causes of problems. He urged Global South countries to work together on improving global governance and tackling traditional as well as emerging security threats.
Putin said the growing participation in BRICS activities reflected increasing international interest in the grouping. He argued that its emphasis on independent decision-making, collective problem-solving, international law and the UN Charter was contributing to its expanding global stature.
The proposals underline Moscow’s push for stronger intra-BRICS economic cooperation and alternative mechanisms amid continuing geopolitical and economic pressure from Western countries.
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