BRICS: Russia proposes new insurance mechanism

Russian President Vladimir Putin proposed a new insurance mechanism and a collaborative initiative for the grain market among the BRICS nations at the concluding session of the BRICS summit on Sunday. The Russian leader emphasized the need for a holistic approach to address pressing global challenges, as Western sanctions have crippled Russian crude oil exports due to prohibitions on insurance coverage for ships transporting the oil unless it is sold below a specific price cap.

Putin highlighted the potential for independent routes for capital, labor, and technology, stating that the BRICS nations can operate regardless of outside pressure. He also complimented the New Development Bank (NDB), which manages projects worth USD 140 billion, and called for the development of a better global governance structure to tackle both traditional and nontraditional security threats.

Putin further emphasized the growing global stature of BRICS as it pursues an independent course to combat global challenges, with many around the world finding appeal in the group's core values of adhering to international law and the UN Charter.