BRICS Reorganize and Examine Tools Against the Energy Crisis

Source: Newsit | Original Published At: 2026-09-13 07:23:35 UTC

Key Points

• At the BRICS summit in New Delhi on 12 September 2026, members adopted a joint statement expressing deep concern over the Middle East conflict and calling for maximum restraint, dialogue, and diplomacy.
• The statement focused on the crisis's impact on trade flows, supply chains, and energy, with shipping through the Strait of Hormuz sharply reduced and Brent crude above $104 per barrel.
• India, as host, emphasized freedom of navigation and maritime security; Prime Minister Narendra Modi met Iranian President Masoud Pezeshkian and discussed sea routes with Russian President Vladimir Putin.
• BRICS members reiterated opposition to unilateral sanctions and continued promoting trade in national currencies and payment systems aimed at reducing dependence on the dollar.
• The article notes that BRICS represent more than 40% of the global population and almost a quarter of the world economy, with the New Development Bank financing projects worth about $43 billion.
• India's balancing act is highlighted: it continues buying Russian oil, seeks engagement with Iran, and aims to avoid direct conflict with the United States while pursuing higher bilateral trade targets with Russia and improved ties with China.