On Sunday, Russia introduced a new insurance mechanism aimed at enhancing the grain market among BRICS member states. President Vladimir Putin emphasized the need for the group to take a comprehensive approach to address urgent global issues. This initiative is part of Russia’s broader strategy to foster collaboration within the BRICS framework, particularly in the agricultural sector.
In fact, we can operate regardless of outside pressure,” Putin said. 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. 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. “We have some promising initiatives, 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.
