NEW DELHI: Russian President Vladimir Putin Sunday proposed a new insurance mechanism and a collaborative initiative for the grain market among Brics nations and called on the grouping to adopt a comprehensive approach to global challenges.He sought to assure members of the grouping that they have it in them to operate independently of the West-dominated trade systems. “We have independent routes for moving capital, labour and technologies. In fact, we can operate regardless of outside 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 them.“His emphasis on Brics countries having their own insurance mechanism has come amid sanctions on ships exporting crude and grains from Russia. Insurance costs have risen, and the “shadow fleet “engaged by Russia to sell its products abroad is finding it difficult to operate.

Read alongside the speeches of Chinese President Xi Jinping and Iranian President Masoud Pezeshkian on the second day of the summit, Putin’s pitch reflected the strong push from powerful Brics members to break away from the West-dominated system and build an alternative. They attested to efforts India made by seeking to prevent the grouping from turning into an anti-West bloc under its presidency.Grain exports from Russia, the world’s largest wheat producer, have taken a big hit from Ukraine’s drones. “Global South nations must jointly advance a better (global) governance structure and tackle both traditional and non-traditional security threats,” Putin said. The Russian president also said Brics’ global stature is rising as it focuses on charting an independent course to combat pressing global challenges.