Iranian President Masoud Pezeshkian has called on Brics member countries to increase their use of national currencies in trade. Speaking on Friday, he emphasized that such measures are crucial for enhancing economic integration and mitigating the effects of sanctions that have intensified in recent months. Pezeshkian’s remarks highlight the ongoing challenges faced by Iran and the need for collaborative solutions within the Brics framework.
India, the host of the Brics Summit, has had to walk a delicate line while working for enhanced economic cooperation within the bloc, including the use of national currencies, and avoiding the anger of US President Donald Trump, who has accused the grouping of attempting to undermine the dollar. “But some have become tyrants and oppressors that trample on people’s rights. If they push us, we will push them back.”
Because we will not be bullied, “Iran is standing up to Israel and the US.
Pezeshkian highlighted geopolitical uncertainty, supply chain disruptions and the “increasing use of economic instruments to exert political pressure” while addressing the leaders’ session of the Brics business forum alongside Prime Minister Narendra Modi, Russian President Vladimir Putin and South African President Cyril Ramaphosa. “One of the most important steps is to expand the use of national currencies in trade among the members,” Pezeshkian said. This must be accompanied by the establishment of instruments for managing currency risks and reciprocal settlements since the “current financial system is vulnerable to political shocks due to its concentration in a limited number of currencies”, he said. Iran, which has faced extensive sanctions, believes economic resilience is not possible without diversifying trade partners, sources of financing, and payment channels, he said. “However, in recent months, these pressures have entered a far more dangerous phase due to the military act of aggression by the US and the Israeli regime against Iran,” he pointed out. All religions, he Saudi, are based on the fight against bullying and oppression and say that governments should rule according to justice and the people’s rights and not sow discord, he said. History has shown that bullies and oppressors were destroyed without exception,” Pezeshkian said.
