Support The Moscow Times!

Now is the time to support independent reporting from Russia!

Contribute Today

Putin Proposes BRICS Energy Union to Increase Security

Russian President Vladimir Putin on Tuesday proposed setting up a BRICS energy association, which would include a fuel reserve, to increase the energy security of emerging nations.

"We suggest to set up an energy association of the BRICS. Under its roof, one could set up a reserve fuel bank and an institute for energy safety," he told the leaders of Brazil, India, China and South Africa after they announced the creation of a bank and a reserve currency pool each worth $100 billion.

"These steps would help strengthen the energy safety of our nations," he said.

See also: Faced With Western Freeze-Out, BRICS Bank Is a Coup for Russia

Read more