FORTALEZA, July 16. /ITAR-TASS/. Russia proposes to establish a BRICS Energy Association, Russian President Vladimir Putin said at a plenary session of the summit of the leaders of Brazil, Russia, India, China and South Africa that was held in the Brazilian city of Fortaleza on Tuesday.

“We propose to set up a BRICS Energy Association,” Putin said. “It might serve as an umbrella for a reserve bank of fuel and the BRICS energy policy institute. These steps would help enhance energy security of our countries.