Iran and Russia Urge BRICS to Deepen Economic Ties
· World · CNBC, News18
Iranian President Masoud Pezeshkian and Russian President Vladimir Putin used the BRICS Business Forum in New Delhi to criticize Western economic sanctions. Pezeshkian called for the bloc to expand the use of national currencies for trade to bypass Western financial instruments. He further stated that Iran faces a dangerous phase of military aggression from the U.S. and Israel, which he claims is destabilizing global energy markets. U.S. crude oil futures reached $100 per barrel this month following an escalation in fighting between the U.S. and Iran. The Iranian leader emphasized that his country is prepared to act as a strategic energy partner for BRICS nations.
Why it matters
The push for alternative trade currencies and the disruption of energy supplies through the Strait of Hormuz directly impact global fuel prices and energy security for major importers like India.
Read the original report — CNBC
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