Iran and Russia condemn sanctions, urge more BRICS trade

Source: CNBC | Original Published At: 2026-09-11 15:10:45 UTC

Key Points

• Iranian President Masoud Pezeshkian and Russian President Vladimir Putin addressed the BRICS Business Forum in New Delhi and urged BRICS countries to deepen trade relations.
• Pezeshkian called on BRICS to expand the use of national currencies in intra-bloc trade and to prevent disruptions to legitimate trade through monopolies over financial instruments or technology.
• Both leaders criticized Western sanctions, with Putin stating that Russia has faced more than 30,000 sanctions, roughly twice the number imposed on all other countries combined.
• Putin said BRICS has provided a resilient platform for global growth and claimed BRICS countries produced over 40% of the world's incremental GDP in the past five years, compared with 29% for G7 countries.
• Pezeshkian said pressure on Iran had entered a dangerous phase, shifting from sanctions to military aggression by the United States and Israel, with effects on regional and global stability.
• The article notes that conflicts involving Iran and Ukraine have disrupted energy markets and shipping through the Strait of Hormuz, contributing to higher U.S. diesel and crude oil prices.
• Putin said Russia is keen to pursue initiatives in tourism, trade, and private-sector investment from the Global South within the BRICS framework.