Russian President Vladimir Putin has proposed a BRICS insurance mechanism, a joint grain market and a dedicated growth platform aimed at strengthening economic cooperation within the bloc and supporting countries across the Global South.
Speaking at the concluding session of the BRICS summit, Putin said the grouping should take a comprehensive approach to global challenges and develop systems that allow member countries to operate with greater economic independence despite external pressure.
He proposed creating an insurance mechanism and a common grain market, inviting other BRICS members to participate in the initiatives. The proposals come as Russia continues to face Western sanctions over the Ukraine conflict, including restrictions affecting the insurance of vessels transporting Russian crude.
Putin also backed the creation of a joint BRICS platform for economic growth that would bring together the competitive strengths of member economies and encourage investment, trade and cooperation between markets. He said the platform should remain open not only to BRICS members and partners but also to other countries willing to participate.
The Russian president praised the New Development Bank, the multilateral institution established by BRICS countries, saying it was handling projects worth around $140 billion.
Putin said the growing participation in BRICS reflected rising international interest in the grouping and its emphasis on independent decision-making and collective solutions based on international law and the UN Charter.
He also called for greater cooperation among Global South countries to improve global governance and address traditional as well as emerging security challenges.
BRICS originally consisted of Brazil, Russia, India, China and South Africa. Egypt, Ethiopia, Iran, the UAE and Saudi Arabia joined in 2024, while Indonesia became a member in 2025. Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan and Vietnam joined as partner countries in 2025.
The expanded grouping now represents about 49.5% of the global population, around 40% of global GDP and approximately 26% of global trade.
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