Putin proposes BRICS cover, deal for grain market

New Delhi: Russian President Vladimir Putin on Sunday proposed a new insurance mechanism and a collaborative initiative for the grain market among the BRICS nations.

The mechanism has been suggested in the wake of Western sanctions hindering some Russian firms' access to global insurance. Russia had introduced the framework for grain exchange at the BRICS trade ministers' meeting in August in Jaipur.

BRICS countries contribute about 42% of the global agricultural and food output and are home to more than two-thirds of the world's small and marginal farmers.


"We have independent routes for moving capital, labour and technologies. In fact, we can operate regardless of outside pressure," Putin said at a BRICS session.

"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," he said without elaborating further.

Putin also complimented the functioning of the New Development Bank, saying it is handling projects worth $140 billion.

"As global challenges keep surfacing, we should adopt a holistic approach to address both the symptoms and root causes," Putin said.