New Delhi, Sept. 13 (SANA)Russian PresidentVladimir Putinproposed creating a new insurance mechanism and a joint grain market initiative among BRICS countries, as he called for stronger economic cooperation within the grouping.

Speaking at the concluding session of the18th BRICS summitinNew Delhion Sunday, Putin said BRICS countries had developed independent channels for moving capital, labor and technologies and could continue operating despite external pressure.

“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,” Putin said.

He did not provide further details on the proposed mechanisms.

Putin said BRICS should adopt a comprehensive approach to global challenges and strengthen cooperation among Global South countries.

He added that the broad participation at the summit reflected growing international interest in the grouping and its efforts to pursue an independent course and resolve challenges collectively.

Putin also highlighted the role of the New Development Bank (NDB), saying it was managing projects worth $140 billion.

The NDB is a multilateral development bank established by BRICS countries to finance infrastructure and sustainable development projects.

BRICS was originally formed by Brazil, Russia, India, China and South Africa. The grouping expanded in 2024 to include Egypt, Ethiopia, Iran, the United Arab Emirates and Saudi Arabia, while Indonesia joined in 2025.

The bloc has continued to expand its partnerships, with several countries joining as partner states, strengthening its role in discussions on trade, investment and economic cooperation.