57 mins ago
BRICS Hosts Iran Amid Rising Oil Prices and Regional Conflict
BRICS is a group of countries meeting in New Delhi, India.
Iran is attending while fighting and tensions in West Asia are disrupting energy routes.
The meeting is meant to show that countries outside the West can work together.
However, the members do not always agree with one another.
Iran wants countries to create financial systems that are less dependent on the United States.
India is worried that problems near the Strait of Hormuz and the Red Sea could affect its fuel supplies.
China has close ties with Iran but also has relationships with countries that Iran has attacked.
BRICS also wants to make it easier for members to trade without using US dollars.
Experts say the group is not yet united enough to lead diplomacy or replace the dollar.
India is hosting a BRICS summit attended by leaders from China, Russia, Iran and other expanded members.
The gathering is intended to project BRICS as an alternative to Western-led global leadership and pressure.
Iran urged members to build alternative financial tools, while India called for freedom of navigation and commerce.
BRICS remains divided over the conflict, including tensions between Iran and the United Arab Emirates.
The group is considering ways to reduce reliance on the US dollar, though an alternative reserve currency is viewed as unrealistic for now.
- Who
- BRICS leaders, including Narendra Modi, Xi Jinping, Vladimir Putin and Masoud Pezeshkian, along with representatives from other member countries.
- What
- An expanded BRICS summit focused on global leadership, regional conflict, energy security and reducing reliance on the US dollar.
- Where
- New Delhi, India.
- When
- The summit is taking place over the weekend, with leaders arriving on Friday and Saturday; the article also references conflicts that began in February.
- Why
- To project BRICS as a counterweight to the West, discuss pressure from US policies and sanctions, and address disrupted energy corridors and financial dependence on the dollar.
BRICS as an Alternative Power Center
BRICS as a Divided Coalition
Global leadership
BRICS as an Alternative Power Center
Supporters view the summit as a chance for emerging economies to demonstrate leadership outside Western institutions.
BRICS as a Divided Coalition
Critics say BRICS is underperforming because its members have conflicting interests and some are involved in opposing sides of regional conflicts.
Iran’s role
BRICS as an Alternative Power Center
Iran argues that members should resist unilateral US power and create alternative financial tools to withstand Western pressure.
BRICS as a Divided Coalition
Other members face security and economic concerns linked to Iran; the United Arab Emirates has been targeted by Iranian strikes, and India has urged Iran to protect navigation and commerce.
Reducing dollar dependence
BRICS as an Alternative Power Center
BRICS advocates say stronger links between members’ banking systems could make trade possible without converting payments into dollars.
BRICS as a Divided Coalition
The article says an alternative reserve currency is not realistic at present, and the dollar’s global dominance remains difficult to replace.
Key facts
- Host country
- India
- Location
- New Delhi
- Original BRICS members
- Brazil, Russia, India, China and South Africa
- Recent members mentioned
- Egypt, Ethiopia, Iran, the United Arab Emirates and Indonesia
- Main regional concern
- Conflict-related disruption around the Strait of Hormuz and the Red Sea
- Economic goal
- Reducing reliance on the US dollar through closer financial links
- Key limitation
- The expanded bloc has struggled to reach consensus on divisive conflicts
Quotes
Alexander Gabuev
Director of the Carnegie Russia Eurasia Centre in Berlin
“It could help clarify whether China still sees Iran as a strategic partner worth investing political capital in at a moment of acute pressure, or whether Beijing is increasingly keeping Tehran at arm’s length.”
telegraphindia.com
“The world is really rapidly fracturing, and in theory that’s really kind of what the BRICS have been saying all along. But they’re really wildly underperforming.”
telegraphindia.com
Masoud Pezeshkian
President of Iran
“Who said it should decide for the entire world, that others have no rights, and that whatever they want everyone else has to obey? This is something we willnot accept.”
telegraphindia.com
Sources
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