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Iran, Local Currencies, UN Reform: Jeffrey Sachs Outlines BRICS Summit Priorities

Iran, local currencies, UN reform: Jeffrey Sachs lays out priorities for a successful BRICS Summit
Countries
BrazilChinaIndiaIran
Cooperation areas
Economic GrowthInclusive MultilateralismInstitutional DevelopmentPeace & DevelopmentSustainable Development

Source: CNBC TV18 | Original Published At: 2026-09-09 15:25:58 UTC

Key Points

  • Jeffrey Sachs said BRICS should send a clear message that the war in Iran must stop and that the Strait of Hormuz should be reopened.
  • He linked the Iran conflict to higher oil prices, saying the war had pushed crude above $100 a barrel and increased global economic risks.
  • Sachs urged BRICS to deepen monetary and financial cooperation, including practical movement toward local-currency payments.
  • He said BRICS should use its collective influence to support the UN Charter and a multilateral global order.
  • Sachs suggested India could lead a UN initiative on ICT for economic development, China on green transformation, and Brazil on rainforest protection.
  • India is preparing to host the 18th BRICS Summit from September 12 amid heightened tensions in West Asia.
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