Putin seeks BRICS grain trade, insurance to fight curbs
Russian President Vladimir Putin has proposed a new insurance mechanism and a collaborative grain market for BRICS nations. These initiatives aim to help member countries bypass Western sanctions and maintain economic independence.
Why it matters
The proposal reflects an effort by BRICS nations to create alternative economic infrastructure to reduce reliance on Western-dominated financial and insurance systems.
Russian President Vladimir Putin on Sunday (September 13, 2026) proposed a new insurance mechanism and a collaborative grain market among BRICS nations, urging the group to adopt a holistic approach to combat global challenges.
Mr. Putin proposed the new initiatives for economic growth among the BRICS member nations as well as the Global South nations amid crippling sanctions imposed by the Western powers on Moscow for its war on Ukraine.
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The G-7 countries, the European Union, and the U.K. prohibited Western companies from insuring any ship transporting Russian crude unless the oil was purchased at or below a specified price cap. Sanctions on the insurance sector have adversely impacted Russian crude oil exports.
The Russian President pitched for setting up a dedicated platform for economic growth with the BRICS.
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