Russia on Sunday proposed a new insurance mechanism and a collaborative initiative for the grain market for Brics member states, with President Vladimir Putin urging the grouping to adopt a holistic approach toward pressing global challenges.
“We have independent routes for moving capital, labour and technologies. “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. The proposals came against the backdrop of the European Union (EU), the G7 and Britain prohibiting Western companies from insuring any merchant vessel transporting Russian energy unless the oil is purchased at or below a specified price cap. Widening sanctions on the insurance sector have already hit Russian crude exports.
In fact, we can operate regardless of outside pressure,” Putin said. Putin complimented the functioning of the New Development Bank, a multilateral development bank established by Brics states that is handling projects worth $140 billion, as he backed a “holistic approach” towards international challenges.
