Russian President Vladimir Putin on Sunday proposed a new insurance mechanism and a collaborative initiative for the grain market among the BRICS nations as he called upon the grouping to adopt a holistic approach in combating pressing global challenges.
Putin proposed the new initiatives for economic growth among the BRICS member nations as well as the Global South nations amid crippling sanctions imposed by the Western powers on Moscow for its war on Ukraine.
The G-7 countries, the European Union and the UK prohibited Western companies from insuring any ship transporting Russian crude unless the oil was purchased at or below a specified price cap. The sanctions relating to the insurance sector have adversely impacted Russian crude oil exports.
“We have independent routes for moving capital, labour and technologies. In fact, we can operate regardless of outside pressure,” Putin said at the concluding session of the 18th BRICS summit here.
“We have some promising initiatives going
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