BRICS backs local currency transfers, flags indiscriminate tariffs and sanctions

Source: Hindustan Times | Original Published At: 2026-09-13 02:15:30 UTC

Key Points

• BRICS leaders endorsed work by the BRICS Payment Task Force on cross-border payment mechanisms and trade settlements using local currencies.
• The declaration expressed concern over unilateral tariffs, non-tariff measures, and sanctions that it said distort trade and threaten global supply chains.
• BRICS condemned unilateral coercive measures as contrary to international law and said they harm development, health, food security, and vulnerable populations.
• The article referenced US and EU sanctions on Russia and Iran, punitive tariffs affecting India and China, and the EU Carbon Border Adjustment Mechanism.
• BRICS leaders reaffirmed commitment to deepen pragmatic economic cooperation under the Strategy for BRICS Economic Partnership.
• The article noted that BRICS comprises 11 member states and 10 partner countries.