Putin asks BRICS to consider SWIFT alternative, a grain exchange, own reinsurance firm

Stressing that trade within BRICS member countries has reached $1.2 trillion, Russian President Vladimir Putin on Sunday sought “a closer look” on his proposals — establishing a BRICS payment, depository and clearance infrastructure, a reinsurance mechanism, and a grain exchange — terming those as highly promising.

Though India has clarified that there is no proposal to float a common BRICS currency, the members are increasingly moving to set up BRICS Pay as an independent digital payment and clearing infrastructure as an alternative option of systems like Swift, in which trade settlement will be in local currencies.

Similarly, setting up a reinsurance company within BRICS will help insurers in member countries not to wholly depend on existing players in Europe and US. businessline had reported in October 2025 about the move to set up the BRICS Grain Exchange (BGE) as an alternative to the US based futures trading platform CME.

Alleging biases on platforms like CME, Russia has told BRICS partners that BGE can save them $2.5 billion annually. Before his departure, Putin attended the BRICS Outreach/Plus session in the morning on the concluding day of the 18th BRICS Summit in New Delhi.

“I also invite everyone to take a closer look at the promising initiatives put forward by Russia to streamline our cooperation. These include establishing a BRICS payment, depository and clearance infrastructure, as well as setting up a reinsurance mechanism and a grain exchange within the association.

I am convinced that both member states and partners of BRICS will be able to employ all these tools in the future,” said Putin. Amid continuing sanctions after war with Ukrain, Russia has also called for establishment of a common growth platform for BRICS that would organically integrate the competitive advantages of the members’ economies.

“It is crucial to build this platform on the principles of openness and accessibility, not only for BRICS members, but for all our partners and friends. I am confident that this is precisely what will happen,” he noted. The potential for the further development of BRICS is far from exhausted and one of the main untapped resources so far is the complementarity of the member states’ economies.

The differences in the structure and specialisation offer vast opportunities for practical cooperation, for creating new production chains, technologies, services, and markets. Raking note of the BRICS nations’ steady population growth and strengthened domestic markets, he said all the countries have established robust industrial, technological, financial and academic hubs, as well as modern transport, energy and digital infrastructure.

“Member states account for almost a quarter of global exports, and it is BRICS that, at 49 per cent, provides most of global GDP growth,” he said. Putin also called for further strengthening the capacity of the BRICS New Development Bank and updating its business model.

The Bank has already financed 123 projects worth nearly $40 billion. “While this is certainly a solid result, financing needs are far greater. A new investment platform could help meet these demands. By leveraging modern financial technologies — including digital assets — such a platform would make it possible to mobilise long-term capital, including private funds, not only for the BRICS nations but also, crucially, for the economies of our partners across the Global South and East,” he said expressing confidence that BRICS will continue to collaborate with all international partners to ensure comprehensive and sustainable development.