New Delhi holds the rotating BRICS chairmanship this year and hosted the two-day summit held on Sept. 12 and 13. Russian President Vladimir Putin arrived in the Indian capital on Sept. 11, held talks with Prime Minister Narendra Modi and addressed the BRICS Business Forum [1]. The envoy's remarks came as more than 350 meetings and high-level engagements were held across over 25 Indian cities during India's chairmanship year, Alipov said according to RT [1].
Russian-Backed Initiatives Cited by Envoy
Alipov said progress was made on projects proposed by previous BRICS chairs and by Russia during its 2024 presidency, including a BRICS grain exchange, mechanisms to facilitate cross-border payments, and a new investment platform, the ambassador told the Asian News International (ANI) news agency [1].
"We have moved forward on various tracks and projects that were proposed by previous chairs and by us in 2024 when we presided over BRICS," Alipov said, according to the report [1]. The envoy said this week that work is also continuing on BRICS Clear, a proposed settlement and depository mechanism, and on shared reinsurance capacity [1].
The proposed grain exchange has been backed by Putin and could challenge the dominance of Western commodity exchanges over global agricultural trading and pricing, according to a separate report. Russia presented the framework at a meeting of the bloc's economy and trade ministers in Jaipur, India, describing it as a "unified digital trading platform where producers and buyers of agricultural crops could deal with one another directly" [2].
India's Proposals and Broader BRICS Agenda
India has put forward initiatives of its own, including cooperation on smart grids and energy storage, a startup innovation hub, an incubator network, and a logistics and supply-chain framework, Alipov said [1]. The agenda reflects a broader effort within BRICS to deepen economic and financial cooperation alongside political and security work, the envoy said.
Alipov said the grouping is also discussing trade and investment, a greater role for national currencies in settlements, energy, healthcare, artificial intelligence, science, and innovation [1]. The discussions have covered the group's three main areas of cooperation: political and security issues, economic and financial ties, and cultural and people-to-people exchanges, according to the report [1].
Separately, BRICS is seeking practical ways to make trade between its members cheaper and faster, including through the greater use of national currencies and digital payment systems, according to TASS, citing an Indian government source. Discussions are ongoing on local-currency settlements and platforms involving central bank digital currencies aimed at cutting transaction costs in bilateral trade [3].
Reserve Bank of India Governor Sanjay Malhotra said the bloc is discussing linking payment systems and central bank digital currencies [4]. Indian Trade Minister Piyush Goyal has said New Delhi prefers trade settlements in national currencies to a unified monetary system or a BRICS currency [4]. Analysts have noted that the push to reduce reliance on the U.S. dollar and Western institutions has accelerated following Russia's exclusion from SWIFT [5].
Chairmanship Record and Summit Context
India assumed the BRICS chairmanship on Jan. 1, having previously led the group in 2012, 2016, and 2021, according to the envoy [1]. More than 350 meetings and high-level engagements have been held across over 25 Indian cities under New Delhi's presidency this year, Alipov said.
Alipov described India's chairmanship as a "huge success" and said the summit would confirm it. "On all these tracks we have progressed," he said, according to RT [1]. Putin told the BRICS Business Forum during his address that Russia is open to cooperation and doing business with "the whole world," including both Western economic powers and the growing economies of the Global South and East [7].
Outlook Ahead of the Summit
The 18th BRICS leaders' summit happened in New Delhi at the Bharat Mandapam convention center, with India holding the rotating chairmanship [8]. The meeting follows the expansion of BRICS, which now includes new members such as Iran, Egypt, Ethiopia, and the United Arab Emirates, with Saudi Arabia attending as an invited member [9].
Alipov's remarks, made ahead of the summit, highlighted Russia-backed and India-backed initiatives, according to ANI [1]. The envoy said progress has been made on cross-border payments, a grain exchange and an investment platform, though further details were not immediately provided [1]. Officials said the summit will address political and security issues, economic and financial ties, and cultural exchanges [1].
References
- "India advanced Russia-backed BRICS initiatives – Russian envoy". September 11, 2026.
- "Putin-backed BRICS grain exchange expected to exceed $1 trillion turnover". August 12, 2026.
- "BRICS seeks cheaper payments mechanisms to side-step the US dollar". September 8, 2026.
- "BRICS discusses interlinking payment systems and digital currencies". August 11, 2026.
- Willow Tohi. "BRICS nations accelerate push to decouple from US dollar amid sanctions concerns". NaturalNews.com. July 9, 2025.
- "Putin arrives in India for BRICS summit (VIDEO)". September 10, 2026.
- "Russia 'open to working with the whole world' – Putin". September 11, 2026.
- "BRICS 2026: Who's coming and what's on the agenda?". September 10, 2026.
- BBC. "Trump shadow looms large over Brics as Modi hosts Putin and Xi in Delhi". September 11, 2026.
Explainer Infographic
Please contact us for more information.
