How BRICS Is Changing the Rules of the World Economy

Source: Известия | Original Published At: 2026-09-11 16:55:33 UTC

Key Points

• At the BRICS Business Forum in New Delhi, Russian President Vladimir Putin said BRICS countries produced more than 40% of global GDP over the past five years, compared with 29% for the G7.
• Putin said Western sanctions, including about 30,000 restrictions against Russia, have not reduced BRICS activity and are pushing member states toward closer integration.
• Iranian President Masoud Pezeshki proposed creating a joint BRICS reinsurance company with initial capital of $10 billion to cover risks of large infrastructure and energy projects.
• Forum discussions focused on reducing dependence on the Western financial system, payment transfers, logistics, and risk insurance for projects.
• Putin and Indian Prime Minister Narendra Modi held talks and visited the Innoprom India exhibition, where 110 Russian and 36 Indian companies presented products in machinery, metallurgy, mining, and nuclear energy.
• Russia and India aim to reach $100 billion in bilateral trade by 2030; current trade is about $60 billion, with oil accounting for over 80% of Russian exports to India.
• Putin also met South African President Cyril Ramaphosa on the sidelines of the BRICS forum to discuss bilateral and multilateral cooperation.