- By Surarika Das
- Sat, 12 Sep 2026 12:17 PM (IST)
- Source:JND
- Iran and Russia condemned US sanctions at BRICS Business Forum.
- India faces diplomatic challenge balancing ties with US and Russia.
- .BRICS leaders propose new investment platforms, local currency trade.
Ahead of the BRICS Summit 2026, Iran and Russia slammed the US for imposing sanctions and highlighted the multilateral meeting as an opportunity to develop significant strategies to counter Western dominance. Speaking at the BRICS Business Forum, Iranian President Masoud Pezeshkian said, "Over the past few years, various sanctions have been imposed on Iran, but in recent months, the US and Israeli military aggression against Iran has escalated to an even more dangerous level. Whenever such challenges are faced by a country, not just its borders, but also its regional and global stability are affected."
Meanwhile, Russian President Vladimir Putin, said that the “old leaders” resort to all “concievable means to reclaim their erstwhile dominance”. Putin claimed that those leaders use physical force, destroying industrial and logical infrastructure.”
The Russian President alleged that the western leaders are now attempting to obstruct international transport corridors, seize vessels in the sea, imposing “so called secondary sanctions, on countries which refuse to act as per their convinience and defend their own interests.”
The afore-mentioned statements underscore India’s task to maintain strategic ties with Russia and Iran while deepening relations with the US and Europe during the global summit. The Modi goverment knows that America is keeping a close eye on the BRICS summit, knowing that Iran and Russia is angered over the heavy sanctions imposed upon them. India is also expected to hold talks with China, which is likely to advocate for de-dollarisation and global payment system which may further test its ties with the US. The US President has openly showed his discontent over the summit.
Putin called for an investment platform for trade, infrastructure, and technology projects. He said, "We are ready to work with our partners to contribute to the world's energy and food security and jointly shape reliable global routes, such as the Trans-Arctic Transport Corridor and the North-South International Corridor."
"Food and energy security are two main pillars of economic security. Iran, with its vast energy reserves and excellent geographical location, is poised to play the role of a strategic partner in the BRICS food, energy and transportation supply chains," Pezeshkian said.
He advocated for expanding local currency trade, establishing a 10 billion dollar reinsurance pool, and funding infrastructure via the New Development Bank (NDB). Putin supported leveraging the NDB to build this new investment platform.