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Putin Proposes BRICS Insurance, Joint Grain Market in India

By Drooid · Sep 14, 2026, 4:16 AM UTC · How we work

Summary

Putin Proposes BRICS Insurance

President Vladimir Putin proposed a BRICS insurance mechanism and joint grain market during his India visit.
Putin said BRICS maintains independent routes for capital, labour and technology despite outside pressure.
He noted EU, G7 and Britain insurance bans on Russian energy vessels have hurt Russian crude exports.
He invited all BRICS members and partners to use the proposed insurance and grain market initiatives.

Summary

Sanctions Cripple Shadow Fleet

Rising insurance premiums, driven by Western sanctions, are straining Russian exporters' profitability.
Russia's shadow fleet, used to bypass sanctions, now struggles to secure reliable shipping routes.
Ukrainian drone attacks have sharply reduced Russia's wheat shipments, complicating grain market plans.
India, holding the BRICS presidency, seeks to keep the bloc from becoming an anti-West alliance.
Sanctions on vessels carrying Russian crude and grain have forced Moscow to explore alternative financing mechanisms.

History

Historical Context

After the UN adopted Resolution 986 in April 1995, the Oil-for-Food Programme let Iraq sell oil under escrow, generating over US$54 billion and delivering food and medicine to a population crippled by sanctions. Managed by Secretary-General Kofi Annan, the scheme ended in 2003. Putin’s 2024 BRICS insurance and grain-market proposal echoes that earlier effort to keep trade flowing despite Western sanctions.

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Putin Proposes BRICS Insurance

President Vladimir Putin proposed a BRICS insurance mechanism and joint grain market during his India visit.
Putin said BRICS maintains independent routes for capital, labour and technology despite outside pressure.
He noted EU, G7 and Britain insurance bans on Russian energy vessels have hurt Russian crude exports.
He invited all BRICS members and partners to use the proposed insurance and grain market initiatives.

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