Between Tehran and Abu Dhabi: Modi’s BRICS Challenge Is Balancing

Source: Berliner Zeitung | Original Published At: 2026-09-11 17:11:36 UTC

Key Points

• BRICS has become more heterogeneous after expansion, with members such as the United Arab Emirates, Indonesia, and Iran pursuing diverging strategic and economic interests.
• India's approach is to preserve BRICS' internal diversity so that no single power, particularly China, can dominate the group's agenda.
• Russia presents a balancing challenge: India values an independent Russia but does not want Moscow's conflict with the West to shape BRICS' overall tone.
• BRICS financial cooperation may prove more durable than summit rhetoric, including India's proposal to link members' digital central bank currencies for cross-border payments.
• The New Development Bank has approved 141 projects worth about $44 billion, with India as the second-largest beneficiary.
• Nearly 30 percent of New Development Bank loans are now denominated in local currencies, and a planned rupee-based "Maharaja bonds" program aims to raise about 250 billion rupees.
• Tensions between Iran and the United Arab Emirates are a practical test of BRICS cohesion; Reuters reported that they slowed negotiations on the summit's final declaration.