Putin Unveils Insurance Mechanism, Joint Grain Market for BRICS

At the BRICS summit, Russian President Vladimir Putin proposed establishing an insurance mechanism and a joint grain market among member nations. These initiatives aim to deepen intra-BRICS cooperation and support Global South economies under external pressure.

The measures come as Western powers have imposed sanctions on Russia for its war on Ukraine, affecting its crude oil exports through the insurance sector.

Putin also highlighted the New Development Bank's (NDB) handling of projects worth USD 140 billion. He called for a holistic approach to address global challenges and emphasized the growing interest in BRICS' independent course.

The bloc has expanded to include new member nations, with Indonesia set to join in 2025. BRICS represents around 49.5% of the global population, 40% of global GDP, and 26% of global trade.