New Delhi, Sept. 13 -- 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.

Putin proposed the initiatives as the Brics member states and partner countries came together for an outreach session at the concluding day of the Brics Summit hosted by India against the backdrop of wide-ranging sanctions imposed by the West on Russia for the invasion of Ukraine.

"We have independent routes for moving capital, labour and technologies. In fact, we can operate regardless of outside pressure," Putin said. "We have some promising initiatives going forward, such ...