Archive · 12 Sep 2026
Iran Pushes Wider Local-Currency Trade and BRICS Energy Partnership
Iran’s president asked BRICS countries to use their own currencies more when trading with one another.
He said this could make trade less vulnerable to pressure connected to a small number of major currencies.
He also suggested ways to manage currency risks and settle payments between countries.
Iran offered to help with BRICS energy, food and transport supply chains.
Pezeshkian said the New Development Bank should provide more funding for infrastructure and energy projects.
He proposed local-currency loans and guarantees to attract private investors.
He also called for faster customs procedures, fewer trade barriers and stronger digital-economy cooperation.
In addition, he proposed a $10 billion BRICS reinsurance company for major projects.
Iranian President Masoud Pezeshkian urged BRICS members to expand trade using national currencies and create systems to manage currency risks.
Pezeshkian proposed reciprocal settlements, gradual financial integration, digital customs and fewer regulatory barriers among BRICS countries.
He offered Iran as a strategic partner for BRICS energy, food and transport supply chains, citing its geography and energy reserves.
He called for the New Development Bank to finance infrastructure and energy projects through local-currency lending, credit lines and guarantees.
Pezeshkian proposed a joint BRICS reinsurance company with initial capital of USD 10 billion for major infrastructure and energy projects.
- Who
- Iranian President Masoud Pezeshkian and BRICS member countries.
- What
- Pezeshkian proposed wider use of national currencies in BRICS trade and offered Iran as a strategic energy, food and transport partner.
- When
- Friday, September 11, before the two-day BRICS Summit scheduled for September 12–13, 2026.
- Where
- The BRICS Business Forum in New Delhi, India; the summit is scheduled at Bharat Mandapam in New Delhi.
- Why
- Pezeshkian said reliance on a limited number of currencies leaves trade vulnerable to economic and political pressure.
- Speaker
- Iranian President Masoud Pezeshkian
- Main proposal
- Expand the use of national currencies in trade among BRICS members.
- Risk-management proposals
- Currency-risk mechanisms, reciprocal settlements and gradual financial integration.
- Development-bank role
- The New Development Bank should become a principal financing engine for BRICS infrastructure and energy projects.
- Proposed financing tools
- Local-currency lending, dedicated credit lines and guarantees to attract private capital.
- Reinsurance proposal
- A joint BRICS reinsurance company with initial capital of USD 10 billion.
- Iran’s proposed role
- A strategic partner and connectivity link for BRICS energy, food and transport supply chains.
- Summit dates
- September 12–13, 2026, at Bharat Mandapam in New Delhi.
