Putin proposes grain market, insurance mechanism for Brics nations
Putin proposed the initiatives as the Brics member states and partner countries came together for an outreach session
Russia's President Vladimir Putin has proposed a new insurance mechanism and a collaborative grain market initiative for Brics member states. The proposals were made during the concluding day of the Brics Summit hosted by India, amid the backdrop of sanctions imposed by the West on Russia due to its invasion of Ukraine. Putin stated that Russia has independent routes for capital, labor, and technologies, allowing the country to operate regardless of external pressures.
He also praised the New Development Bank, a multilateral development bank established by Brics states, which has handled projects worth $140 billion. Putin emphasized the need for a holistic approach to addressing global challenges and urged Brics member states to jointly advance a better global governance structure while tackling both traditional and non-traditional security threats.
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