Putin, Modi and Xi meet at BRICS 2026. Here's what you need to know

Russian President Vladimir Putin suggested a new insurance mechanism and a joint grain market during the concluding session of the BRICS summit on September 13, 2026. The Russian leader urged the group to adopt a comprehensive approach to combat global challenges amid Western sanctions imposed on Moscow due to its conflict in Ukraine.

Western countries, including the G7, the European Union, and the UK, have prohibited Western companies from insuring any Russian crude oil shipments unless the oil is sold at or below a specific price cap, which has negatively impacted Russian crude oil exports. Putin highlighted the potential for independent routes for capital, labor, and technologies to operate despite external pressures.

He also praised the New Development Bank (NDB), a multilateral development bank established by BRICS nations, which is managing projects worth $140 billion. Putin emphasized the importance of a holistic approach to tackle both the symptoms and root causes of global issues, and the need to advance a better global governance structure and address both traditional and nontraditional security threats.

The BRICS alliance, initially comprising Brazil, Russia, India, China, and South Africa, has expanded to include Egypt, Ethiopia, Iran, the UAE, and Saudi Arabia, with Indonesia joining in 2025. The group now represents around 49.5% of the global population, 40% of the global GDP, and 26% of global trade.