Russian President Vladimir Putin on Sunday (September 13, 2026) proposed a new insurance mechanism and a collaborative grain market among BRICS nations, urging the group to adopt a holistic approach to combat global challenges.

Mr. 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 U.K. prohibited Western companies from insuring any ship transporting Russian crude unless the oil was purchased at or below a specified price cap. Sanctions on the insurance sector have adversely impacted Russian crude oil exports.

The Russian President pitched for setting up a dedicated platform for economic growth with the BRICS.

“We have independent routes for moving capital, labour and technologies. In fact, we can operate regardless of outside pressure,” Mr. Putin said 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,” he said without elaborating.

Mr. Putin complimented the New Development Bank (NDB), saying it is handling projects worth $140 billion. The NDB is a multilateral development bank established by the BRICS nations.

“As global challenges keep surfacing, we should adopt a holistic approach to address both the symptoms and root causes,” he said.

“Global South countries should jointly advance better [global] governance structure and tackle both traditional and nontraditional security threats,” he said.

The Russian President said the global stature of BRICS is rising as it has been focusing on charting an independent course to combat pressing global challenges.

“The broad participation in today’s meeting confirms that international interest in BRICS continues to grow. Many around the world find our core values and ideals appealing, including our commitment to charting an independent course and a desire to resolve problems collectively, guided by international law and the key provisions of the UN Charter,” Mr. Putin said.

The concluding session of the BRICS Summit was attended by the bloc’s full member nations and partner countries. “This format opens the door to direct, candid dialogue between full-fledged BRICS members and partner countries, as well as other states and multilateral organisations keen to work with our group,” Mr. Putin said.

Highlighting the importance of greater intra-BRICS economic cooperation, Mr. Putin said a common platform for better trade and investment ties will be helpful to all the member nations.

“We have great new horizons for investment, cooperation and partnership between markets. We’re talking about forming a joint platform for growth within BRICS that would combine the competitive advantages of all members of the group,” he said.

“This platform must be built on the principles of openness and availability, not just for the partners of BRICS, but to all of our friends,” he said.

BRICS, originally comprising Brazil, Russia, India, China, and South Africa, 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 has emerged as an influential grouping as it brings together 11 major emerging economies of the world, representing around 49.5% of the global population, around 40% of the global GDP, and around 26% of the global trade.

Published – September 13, 2026 09:53 pm IST

The story so far: With only about a month to go for the 18th BRICS Summit, India is pulling out all the stops for the multilateral event to be held in New Delhi. Discussions during the summit will be closely watched as Chinese President Xi Jinping and Russian President Vladimir Putin are among the leaders expected to attend. A flurry of Ministerial sessions and working group discussions have been held in the run-up to the main event. This year, India is the Chair of the 11-member bloc of developing nations.

When will the 18th BRICS Summit take place?

September 12 and 13 are the key dates for the BRICS Summit to be held in the national capital. India took up the role of Chair of BRICS on January 1, 2026 and will pass on the baton to China at the end of the year. India has previously held the role in 2012, 2016 and 2021.

Which countries are members of BRICS today?

BRICS now has 11 full member countries: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia, the United Arab Emirates (UAE), and Indonesia. It started off as a forum with Brazil, Russia, India and China in 2006 and welcomed South Africa in December 2010. In 2024, the grouping expanded with the inclusion of Egypt, Ethiopia, Iran, Saudi Arabia and the UAE. Indonesia was the latest entrant, joining in 2025. Apart from the members, there are also partner countries: Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan and Vietnam.

What is the role of the host country?

India has been organising meetings of representatives from the 11 countries on several shared priorities of the grouping. As the Chair, it needs to make sure that the diverse concerns of the heterogeneous grouping are heard. Apart from facilitating the discussion, India would also need to coordinate negotiations among the members to prepare a final summit declaration.

So far, Ministerial and working groups have met on several priority areas, including space economy, agriculture, disaster resilience, women’s empowerment, culture, and labour. Members have also adopted the Guwahati Declaration, reaffirming their commitment to coordinated efforts to prevent and combat illicit drug trafficking.

What is the theme of this year’s summit?

According to India’s presidency documents, inclusive growth, shared responsibility, practical cooperation, and a people-centric approach are among the core values guiding the summit. The theme of ‘Building for Resilience, Innovation, Cooperation and Sustainability’ envisages using the collective strength of the member countries to respond to global challenges.

Why is the summit attracting global attention?

BRICS countries serve as home to at least 50% of the world’s population. The countries are also emerging economies vying for their place in the world order, so any discussions during the summit will also be significant in terms of global trade. As it has expanded over the years, so has the grouping’s political and economic influence, particularly when it comes to giving a voice to Global South concerns.

What are India’s key priorities for the summit?

On May 14, 2026, External Affairs Minister S. Jaishankar outlined the priority areas for India during the BRICS’ Foreign Ministers meeting. He stressed the importance of strengthening supply chains, diversifying markets and building climate-resilient infrastructure. Partnerships in agriculture, innovation and health were also emphasised. Discussions on clean energy and sustainable growth are also expected to be on the agenda.

What are some of the challenges that India could face in balancing different interests with BRICS?

The summit comes at a time of geopolitical tension and conflicts, with the ongoing wars in Iran and Ukraine leading to disruption that has affected nations across the world. India will not only have to facilitate ties among the heterogenous BRICS grouping but also be mindful of how its leadership will be perceived in groupings such as the Quad and the G20, where it is a member. While topics such as the greater use of national currencies in trade would be welcomed at the BRICS Summit, they are not likely to be viewed favourably by the U.S. which has placed economic sanctions on Iran and Russia.

Even within BRICS, the members have vastly different economic priorities and foreign policy interests. Sparks flew during the BRICS Deputy Foreign Ministers and Special Envoys meeting in April as delegates from the UAE and Iran sparred over the war.

What are the likely outcomes to look out for?

A joint declaration on common positions on global governance, economic cooperation, development and security is expected. The grouping may also announce new initiatives in energy ties, trade and climate action. The summit will also serve to reinforce BRICS’s role as a powerful forum for the Global South.

Published – August 05, 2026 09:02 am IST

Russian President Vladimir Putin will attend the BRICS summit in New Delhi on September 12-13.
| Photo Credit: R.V. Moorthy