Iran Warns BRICS of 'Major Threat' from Western Payment Systems, Vows to End Dependence
Iran has called on BRICS countries to reduce their dependence on Western financial systems, warning of the risks posed by such dependence. Addressing the BRICS summit in Russia, Iran's president urged the bloc to explore alternative structures and strengthen institutions such as the New Development Bank to support new members. He reiterated Iran's commitment to reshaping global economic management.
Iran Pushes for BRICS Independence from Western Financial Systems
Iranian President Masoud Pezeshkian stressed the need for BRICS countries to reduce their dependence on Western financial systems during an extended meeting during the BRICS summit in Kazan, Russia, on October 23. Highlighting the risks of continuing to rely on these systems, Pezeshkian warned:
We should not continue to depend on Western payment systems. This is a great threat.
He urged the group to explore alternatives to the dominant global financial structures created by the West.
Pezeshkian reiterated Iran’s commitment to supporting BRICS in their efforts to reform global economic management. He said:
Iran will do everything to ensure that the BRICS group successfully advances the task of reforming the structure of global economic management and creating alternative possibilities for countries in the Global South away from politics and geopolitical conflicts.
With the BRICS expanding to include new members, he further noted: “As new countries join them, BRICS institutions such as the New Development Bank and the Reserve Fund should take on more responsibility in financing their projects.”
