2 hrs ago
Putin Proposes BRICS Insurance Mechanism and Collaborative Grain Market
Russian President Vladimir Putin suggested that BRICS countries create a shared insurance system.
He also proposed working together on a grain market.
He said these ideas could help BRICS and other developing countries grow their economies.
Western sanctions have made it harder for Russian oil to be shipped and insured.
Putin said countries in BRICS can build their own routes for money, workers, and technology.
He praised the New Development Bank for managing projects worth $140 billion.
He also said countries should work together on global problems and security threats.
BRICS has grown to include 11 full members and several partner countries.
Vladimir Putin proposed a BRICS insurance mechanism and collaborative grain market.
He said the initiatives could support economic growth among BRICS and Global South countries.
Putin said Western sanctions on insurance had adversely affected Russian crude oil exports.
He praised the New Development Bank, saying it manages projects worth $140 billion.
Putin called for stronger global governance and collective responses to security and economic challenges.
- Who
- Russian President Vladimir Putin and the BRICS member and partner countries.
- What
- Putin proposed a shared insurance mechanism and collaborative grain market for BRICS nations.
- Where
- At the concluding session of the 18th BRICS summit; the specific location is not stated.
- When
- Sunday, during the concluding session of the 18th BRICS summit.
- Why
- To support economic growth, reduce reliance on outside pressure, and help address global economic and security challenges.
Key facts
- Proposals
- A BRICS insurance mechanism and collaborative grain market.
- Speaker
- Russian President Vladimir Putin.
- Development bank
- The New Development Bank is handling projects worth $140 billion, according to Putin.
- Sanctions impact
- The article says insurance sanctions have adversely affected Russian crude oil exports.
- BRICS membership
- The grouping has 11 full members, according to the article.
- Global reach
- BRICS countries represent around 49.5% of the global population, 40% of global GDP, and 26% of global trade.
- Wider participation
- The summit included full members, partner countries, and other interested states and multilateral organizations.
Quotes
Vladimir Putin
President of Russia speaking 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,”
deccanchronicle.com
“We have independent routes for moving capital, labour and technologies. In fact, we can operate regardless of outside pressure,”
deccanchronicle.com
Sources
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