Putin Proposes Insurance Mechanism and Grain Market for BRICS at New Delhi Summit

Key facts

• At the concluding session of the BRICS Summit in New Delhi on September 13, 2026, Russian President Vladimir Putin proposed a new insurance mechanism and a collaborative grain market among BRICS nations, inviting all member states to use these Russian proposals.
• Putin pitched for setting up a dedicated platform for economic growth within BRICS, combining the competitive advantages of all members and built on principles of openness and availability.
• Putin complimented the New Development Bank (NDB), saying it is handling projects worth $140 billion.
• The G-7 countries, the European Union, and the U.K. prohibited Western companies from insuring ships transporting Russian crude unless purchased at or below a specified price cap, adversely impacting Russian crude oil exports.
• BRICS originally comprised Brazil, Russia, India, China, and South Africa; it expanded in 2024 to include Egypt, Ethiopia, Iran, the United Arab Emirates, and Saudi Arabia, with Indonesia joining in 2025.
• Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan, and Vietnam became BRICS partner countries last year.
• BRICS brings together 11 major emerging economies representing around 49.5% of the global population, around 40% of global GDP, and around 26% of global trade.