Iran Urges BRICS to Break Free From Western Financial Systems, Calls for Greater Independence
At a key BRICS summit in Russia, Iran issued a strong call for the bloc to reduce its reliance on Western financial networks, warning that continued dependence on such systems presents significant risks. Iranian President Masoud Pezeshkian addressed BRICS leaders in Kazan on October 23, urging them to seek alternatives and strengthen BRICS institutions, such as the New Development Bank, to better support emerging member states. He emphasized Iran’s commitment to playing a pivotal role in reshaping the global economic order.
Iran Advocates for BRICS Independence
President Pezeshkian strongly advocated for BRICS nations to forge a path away from the control of Western financial systems. In his speech, he warned:
"Relying on Western payment systems presents a serious threat, and we must not continue down this path."
He stressed the urgency for the group to explore and develop alternative structures that allow BRICS and Global South countries to operate independently of the West’s financial dominance.
Iran’s Pledge to Reform Global Economic Governance
Pezeshkian reaffirmed Iran’s full support for BRICS in its efforts to overhaul the current global economic system. He declared Iran’s willingness to work toward promoting reform, focusing on creating new opportunities for developing nations that prioritize economic development over political and geopolitical conflicts.
"Iran will contribute all it can to help BRICS achieve the goal of restructuring global economic management and building alternative systems that serve the Global South," he said.
With BRICS expanding to welcome new members, Pezeshkian also called for BRICS institutions like the New Development Bank and the Reserve Fund to take on greater responsibility in financing development projects for these countries.
Russia and Iran Strengthen Ties
In a separate meeting with President Pezeshkian, Russian President Vladimir Putin highlighted the close alignment between Moscow and Tehran on global matters. Putin noted that both nations share a commitment to promoting a fair, multipolar world that adheres to international law and the central role of the United Nations.
"The approaches of Russia and Iran to international issues are closely aligned, and we share common goals on the global stage," Putin remarked. He also conveyed his regards to Iran’s Supreme Leader Ayatollah Ali Khamenei, praising his role in fostering deeper Russian-Iranian ties.
With the BRICS group gaining prominence, Iran's push for a more independent and equitable global financial system is becoming a significant focal point in the bloc's evolving agenda.
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