Iranian President Masoud Pezeshkian and Russian President Vladimir Putin jointly condemned Western economic sanctions on their countries during the BRICS Business Forum held in New Delhi on Friday, calling for the BRICS bloc to deepen trade relations and expand the use of national currencies among member states [1]. Pezeshkian emphasized the need for BRICS to create an environment where no country can disrupt legitimate trade through monopolizing financial instruments or technology, highlighting the bloc's role in amplifying the influence of the Global South [1].
Pezeshkian stated that pressure on Iran has escalated to a 'dangerous phase,' shifting from sanctions to military aggression by the U.S. and Israel, and warned that the ongoing conflict is impacting regional and global stability [1]. The Iranian leader noted that these conflicts have disrupted global energy markets, causing fuel prices to rise sharply. Specifically, U.S. diesel prices reached $6 per gallon on Friday for the first time, and U.S. crude oil futures surpassed $100 per barrel following a sharp escalation in fighting between the U.S. and Iran this month [1]. The disruption of shipping through the Strait of Hormuz, a key route for Middle Eastern crude and gas, was cited as a major factor in the energy price spike [1].
Putin, referencing Russia's own experience, stated that more than 30,000 sanctions have been imposed on Russia—twice as many as all other countries combined—and criticized Western nations for using sanctions to protect their competitive edge amid industrial decline and budget deficits [1]. He also claimed that BRICS countries have contributed over 40% of the world's incremental GDP in the past five years, compared to 29% from G7 nations, positioning BRICS as a resilient platform for global growth [1].
Despite U.S. President Donald Trump's assurance that a swift resolution to the Ukraine war could restore trade and economic ties, Russia resumed air attacks on Ukrainian cities after a brief pause for U.S. peace negotiators' visit [1]. Both Iran and Russia positioned themselves as strategic partners in energy, with Pezeshkian highlighting Iran's vast reserves and readiness to support food and energy security [1].
CONCLUSION
The joint condemnation of Western sanctions by Iran and Russia at the BRICS Business Forum underscores rising geopolitical tensions and their significant impact on global energy markets. With energy prices surging and calls for deeper BRICS cooperation, the event signals heightened market uncertainty and potential shifts in global trade dynamics.