Putin tells BRICS to set up energy bloc to boost safety

FORTALEZA Brazil (Reuters) - 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 (58.32 billion pounds).