Iranian President Masoud Pezeshkian called on BRICS members to expand trade in national currencies to reduce dependence on Western financial systems, during the closing session of the BRICS summit. Pezeshkian accused the West of imposing unilateral sanctions that have worsened Iran’s economic crisis, eroded the value of the rial, and exacerbated inflation. The remarks were made in the context of escalating US sanctions on Iran amid ongoing tensions between the two nations.

Pezeshkian argued that excessive reliance on existing financial and trade systems has made emerging economies vulnerable to political shocks. He emphasized the need for BRICS to strengthen the New Development Bank to enhance economic resilience. The Iranian leader also criticized Western powers for using economic instruments to exert political pressure, calling it a threat to global food security and people’s welfare.

The Iranian president reiterated his stance against unilateral sanctions, which he said are directly impacting global food security and people’s welfare. He called for a more balanced and inclusive international order, where no single power dictates the destiny of others. Pezeshkian highlighted the importance of resilience, cooperation, and sustainability in addressing global challenges, urging BRICS to play a greater role in shaping a fairer world.

Pezeshkian also addressed the situation in Gaza and Lebanon, describing the ongoing conflict as a continuation of 'crimes and genocide' against the region’s people. He urged BRICS to defend national sovereignty and territorial integrity, and to prohibit the use of force. The Iranian leader emphasized that the international community has a responsibility to protect civilians and prevent the normalization of attacks on civilian targets.

The Iranian president acknowledged the heavy toll on Iranian civilians, with infrastructure damaged and lives lost. He called for the transformation of the Global South’s capacities into shared capabilities, highlighting Iran’s geopolitical position and energy transit potential as key to developing trade and energy corridors among BRICS states. Pezeshkian also raised concerns about the environmental consequences of war, noting that damage to energy and industrial infrastructure can affect natural resources beyond economic losses.

The economic impacts of sanctions on Iran and the broader implications for global trade remain unclear. While Pezeshkian’s call for national currency trade reflects a growing trend among emerging economies, the feasibility and potential consequences of such a shift are not addressed in the available information.