Iranian President Masoud Pezeshkian and Russian President Vladimir Putin used the BRICS Business Forum to criticize Western sanctions and call on Global South countries to strengthen trade and economic cooperation. Speaking in New Delhi, both leaders focused on payments, energy and deeper links within BRICS.
Masoud Pezeshkian said BRICS should create conditions in which no country can disrupt another country’s legitimate trade by monopolizing a financial instrument or technology. He urged the bloc to expand the use of national currencies in trade among member states.
The Iranian president also said pressure on Iran has entered a “dangerous phase,” moving from sanctions to military aggression by the U.S. and Israel. In his view, the impact of the war against Tehran is being felt beyond Iran’s borders and is affecting regional and global stability.
According to CNBC, the conflicts have also disrupted global energy markets and pushed fuel prices sharply higher. U.S. diesel prices hit $6 per gallon on Friday for the first time, as supply disruptions caused by the wars in Ukraine and Iran raised transportation costs across the economy.
Since the start of the Iran war, global energy prices have climbed as the conflict has severely disrupted shipping through the Strait of Hormuz, a critical route for crude and gas shipments from the Middle East. On Thursday, U.S. crude oil futures topped $100 per barrel for the first time since May after a sharp escalation in fighting between the U.S. and Iran this month.
“Food and energy security are two fundamental pillars of economic security,” Masoud Pezeshkian said, adding that his country, with its vast energy reserves, was ready to be a strategic partner.
Russia, another major energy producer, is also under extensive Western sanctions over its war against Ukraine. At the same time, Moscow resumed air attacks on major Ukrainian cities after a brief pause during the weekend visit of U.S. peace negotiators.
Despite U.S. President Donald Trump’s statement that a swift resolution to the Ukraine war could pave the way for a full restoration of trade and economic ties, Vladimir Putin sharply criticized what he described as Western pressure tactics against Moscow.
Putin said more than 30,000 sanctions have been imposed on Russia, which he claimed is twice the total number of sanctions placed on all other countries in the world combined. He also argued that countries facing “industrial decline and budget deficit” are trying to protect their “competitive edge” by imposing sanctions on Russia and Iran.
Putin further claimed that over the past five years, BRICS countries have generated more than 40% of the world’s incremental GDP, while G7 countries accounted for only 29%. He said BRICS remains a “resilient and viable platform” for global growth, and that Moscow wants to pursue “promising initiatives” in tourism, trade and private sector investment from the Global South.
