INDUSTRY
Putin moots new insurance, grain trading initiatives among BRICS nations
- IBJ Bureau
- Sep 14, 2026
Russian President Vladimir Putin has proposed a new insurance mechanism and a collaborative initiative for the grain market among the BRICS nations.
Mr Putin also called upon the grouping to adopt a holistic approach in combating pressing global challenges.
The Russian president’s new initiatives for economic growth among the BRICS member nations as well as the Global South nations come amid crippling sanctions imposed by the Western powers on Moscow for its war on Ukraine.
The G-7 countries, the European Union and the UK have prohibited Western companies from insuring any ship transporting Russian crude oil unless it is purchased at or below a specified price cap.
The sanctions relating to the insurance sector have adversely impacted Russian crude oil exports.
Mr Putin has also pitched for setting up a dedicated platform for economic growth with the BRICS.
“We have independent routes for moving capital, labour and technologies. In fact, we can operate regardless of outside pressure,” Mr Putin added at the concluding session of the BRICS summit.
“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.
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