Russian President Vladimir Putin has proposed a BRICS-wide insurance mechanism and a common grain market, calling for deeper economic cooperation among the grouping's members and the wider Global South.

Speaking at the concluding session of the BRICS Summit, Putin also proposed a joint platform to boost trade, investment and economic growth among member countries.

Putin pitches new BRICS economic mechanisms

Putin said BRICS countries should develop independent systems for the movement of capital, labour and technology, allowing them to withstand external economic pressure.

He proposed creating an insurance mechanism and a grain market within BRICS, describing both as Russian initiatives and inviting other member states to participate.

The proposals come as Russia continues to face sweeping Western sanctions over its war in Ukraine. Restrictions imposed by the G7, European Union and UK have affected shipping and insurance for Russian crude, particularly shipments sold above the Western price cap.

Putin did not provide details on how the proposed insurance or grain-trading mechanisms would operate.

Push for common growth platform

Putin also called for a joint BRICS platform that could bring together the economic strengths of member countries and create new opportunities for trade, investment and market cooperation.

He said the proposed platform should remain open to BRICS partners as well as other countries willing to work with the grouping.

The Russian president also praised the New Development Bank (NDB), the multilateral lender established by BRICS, saying it is currently handling projects worth around $140 billion.

Putin calls for greater Global South role

Putin urged BRICS and other Global South countries to work together on global governance and address both traditional and emerging security challenges.

He said growing participation in BRICS reflects increasing international interest in the grouping's push for an independent course and collective responses to global problems.

The summit's concluding session brought together BRICS members and partner countries, which Putin said created a platform for direct dialogue and wider cooperation.

BRICS expands its global footprint

BRICS began with 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 are among its partner countries.

The expanded grouping now accounts for a significant share of the world's population, economic output and global trade, strengthening its influence among emerging economies.

Putin's proposals reflect Moscow's broader push to expand economic cooperation within BRICS and develop alternative channels for trade, finance and investment beyond Western-led systems.