Iran, Russia condemn Western economic sanctions and urge BRICS bloc to deepen economic ties

Iranian President Masoud Pezeshkian and Russian President Vladimir Putin on Friday criticized Western sanctions on their economies and urged countries of the Global South to deepen trade relations as they addressed the BRICS Business Forum.

“BRICS must create an environment in which no country can disrupt the legitimate trade of another country through monopolizing a financial instrument or technology,” Pezeshkian said in New Delhi. He urged the bloc, which has sought to amplify the influence of the Global South, to expand the use of national currencies to trade among member countries.

Pressure on Iran has entered a “dangerous phase,” shifting from sanctions to military aggression by the U.S. and Israel, Pezeshkian said, adding that the impact of the war against Tehran was being felt beyond its borders, affecting regional and global stability.

The conflicts have also disrupted global energy markets and pushed fuel prices sharply higher.

U.S. diesel prices hit $6 per gallon on Friday for the first time, as fuel supply disruptions triggered by the Ukraine and Iran wars raised transportation costs across the entire economy.

Since the start of the Iran war, global energy prices have spiked as the conflict has severely disrupted shipping through the Strait of Hormuz, an important waterway for transport of crude and gas from the Middle East.

On Thursday, U.S. crude oil futures topped $100 per barrel for the first time since May in response to 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 Friday, adding that his country, with its vast energy reserves, was ready to be a strategic partner.