Russia proposed the creation of a BRICS grain exchange, which could later be expanded to trade other major commodities, President Vladimir Putin said in opening remarks to a summit of leaders of the BRICS countries on Wednesday.

The BRICS summit in Russia will be the "the largest foreign policy event ever held" by Russia, Kremlin foreign affairs adviser Yuri Ushakov has said. The summit with include 36 countries with over 20 represented by heads of state. Russian President Vladimir Putin has positioned the BRICS summit as a counterweight to the West.