In this pool photo distributed by Russian government agency Sputnik, Indian Foreign Minister Subrahmanyam Jaishankar, Iranian President Masoud Pezeshkian, Russian President Vladimir Putin, Indian Prime Minister Narendra Modi, and South African President Cyril Ramaphosa pose for a photo with leaders of the BRICS Business Council and the BRICS Women’s Business Alliance during the BRICS Business Forum (front row, left). New Delhi, September 11, 2026.
Dmitry Azarov | AFP | Getty Images
Iranian President Masoud Pezeshkian and Russian President Vladimir Putin spoke at the BRICS Business Forum on Friday, criticizing Western economic sanctions and appealing to countries in the Global South to deepen trade ties.
“BRICS must create an environment in which no country can interfere with other countries’ legitimate trade through monopolization of financial products or technology,” Pezeshkian said in New Delhi. He urged the bloc, which is seeking to expand its influence in the Global South, to increase the use of its currencies in trade between member countries.
Pezeshkian said pressure on Iran has entered a “dangerous phase” with US and Israeli sanctions moving from sanctions to military aggression, adding that the impact of the war with Iran is being felt beyond its borders, affecting regional and global stability.
The conflict has also disrupted global energy markets, causing fuel prices to rise significantly.
U.S. diesel prices hit $6 a gallon for the first time on Friday, as fuel supply disruptions from the Ukraine and Iran wars raised transportation costs across the economy.
Global energy prices have soared since the outbreak of the Iran war, as the conflict has severely disrupted shipping through the Strait of Hormuz, a key waterway for shipping oil and gas from the Middle East.
On Thursday, U.S. crude oil futures topped $100 a barrel for the first time since May, following a sharp escalation in fighting between the U.S. and Iran this month.
“Food and energy security are two fundamental pillars of economic security,” the Iranian leader said on Friday, adding that Iran, with its vast energy reserves, is ready to be a strategic partner.
Russia, another major energy producer, also faces extensive Western sanctions over its war with Ukraine. Moscow has resumed airstrikes on major Ukrainian cities after a pause over the weekend for a visit by U.S. peace negotiators.
But even as US President Donald Trump assured on Wednesday that a swift resolution to the Ukraine war could pave the way for a full restoration of trade and economic ties between the two countries, Putin accused the West of pressure tactics against Russia.
“More than 30,000 sanctions have been imposed against Russia, twice as many as against the rest of the world combined,” Putin said at the BRICS Business Forum.
The Russian president said countries “facing industrial decline and budget deficits” were trying to protect their “competitiveness” by imposing sanctions on Russia and Iran.
Putin also claimed that over the past five years, BRICS countries generated more than 40% of the world’s GDP growth, compared to only 29% for G7 countries.
Putin said BRICS provided a “robust and viable foundation for global growth,” adding that Moscow was keen to pursue “promising initiatives” in tourism, trade and private sector investment from the Global South.
