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Putin proposes grain market, insurance mechanism for Brics nations

Putin proposed the initiatives as the Brics member states and partner countries came together for an outreach session

Published on: Sep 13, 2026, 18:00:48 IST

By Rezaul H Laskar, New Delhi

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Russia on Sunday proposed a new insurance mechanism and a collaborative initiative for the grain market for Brics member states, with President Vladimir Putin urging the grouping to adopt a holistic approach toward pressing global challenges.

He contended that the global stature of Brics is on the rise because of the bloc’s focus on charting an independent course to combat global challenges. (AFP)

Putin proposed the initiatives as the Brics member states and partner countries came together for an outreach session at the concluding day of the Brics Summit hosted by India against the backdrop of wide-ranging sanctions imposed by the West on Russia for the invasion of Ukraine.

“We have independent routes for moving capital, labour and technologies. In fact, we can operate regardless of outside pressure,” Putin said. “We have some promising initiatives going forward, such as creating an insurance mechanism and a grain market. These are Russian proposals, and we invite all other member states to make use of those.”

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The proposals came against the backdrop of the European Union (EU), the G7 and Britain prohibiting Western companies from insuring any merchant vessel transporting Russian energy unless the oil is purchased at or below a specified price cap. Widening sanctions on the insurance sector have already hit Russian crude exports.

Putin complimented the functioning of the New Development Bank, a multilateral development bank established by Brics states that is handling projects worth $140 billion, as he backed a “holistic approach” towards international challenges.

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“As global challenges keep surfacing, we should adopt a holistic approach to address both the symptoms and root causes,” he said. “Global South countries should jointly advance better [global] governance structure and tackle both traditional and non-traditional security threats.”

He contended that the global stature of Brics is on the rise because of the bloc’s focus on charting an independent course to combat global challenges. “The broad participation in today’s meeting confirms that international interest in Brics continues to grow. Many around the world find our core values and ideals appealing, including our commitment to charting an independent course and a desire to resolve problems collectively, guided by international law and key provisions of the UN Charter,” he said.

ABOUT THE AUTHOR
Rezaul H Laskar
Rezaul Hasan Laskar is Foreign Editor with the Hindustan Times, which he joined in 2015. He began as a journalist in his hometown of Shillong in northeast India and has worked in newspapers and wire services over the years. He moved to New Delhi in 1997 and initially focused on defence, national security, Jammu and Kashmir and the northeast, while also working of foreign policy and international relations. He has been part of the media delegation accompanying PMs on foreign visits and has reported from destinations ranging from Tibet to Ukraine. Between 2007 and 2013, he was the Press Trust of India correspondent in Pakistan, one of only two Indian journalists allowed to report from the country. He extensively covered Pakistan’s domestic politics and the life of the common people, as well as the fallout of the 2008 Mumbai attacks on India-Pakistan relations and the subsequent trial in Pakistan of the suspects involved in the attack. As part of his reportage in Pakistan, he travelled the breadth of the country, from the Swat Valley to Balochistan. Reza’s first gig in journalism was writing a weekly music column, and music – especially classic rock – remains a keen interest. He is also a movie buff and a keen photographer.Read More

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