BRICS Leaders Condemn Western Sanctions, Push for De-Dollarization Amidst Global Energy Volatility

What Happened

On Friday, September 11, 2026, Iranian President Masoud Pezeshkian and Russian President Vladimir Putin addressed the BRICS Business Forum in New Delhi, India. Both leaders strongly condemned Western economic sanctions imposed on their respective nations and urged countries of the Global South to significantly deepen trade relations. President Pezeshkian specifically called for BRICS to establish an environment where no single country could disrupt legitimate trade through monopolizing financial instruments or technology. He also advocated for expanding the use of national currencies for trade among member states, a clear move away from the U.S. dollar. Pezeshkian stated that pressure on Iran had entered a "dangerous phase," escalating from sanctions to direct military aggression by the U.S. and Israel, with regional and global stability being impacted. Concurrently, U.S. diesel prices reached $6 per gallon for the first time, and U.S. crude oil futures surpassed $100 per barrel, driven by disruptions from the Ukraine and Iran conflicts, particularly affecting shipping through the Strait of Hormuz.

President Putin, facing over 30,000 sanctions against Russia due to its war against Ukraine, lambasted the West for its "ugly" economic warfare. He claimed that countries experiencing "industrial decline and budget deficit" were imposing sanctions to protect their "competitive edge." Putin highlighted that BRICS countries had generated over 40% of the world's incremental GDP in the last five years, compared to 29% for G7 nations, positioning BRICS as a "resilient and viable platform for global growth." He proposed a new NDB-based investment platform to fund projects in trade, infrastructure, logistics, and technology across the BRICS bloc, emphasizing that this cooperation was not directed against anyone but aimed at advancing member states' national interests. Putin cited the Arctic Transport Corridor and North-South Transport Corridor as key infrastructure projects for collaboration.

What the Evidence Establishes

The evidence establishes a concerted effort by Iran and Russia, within the BRICS framework, to counter Western economic dominance and sanctions. Both President Pezeshkian and President Putin explicitly criticized the use of sanctions as a tool of economic pressure, with Putin noting Russia has faced over 30,000 such measures. The call for increased use of national currencies in trade among BRICS members, articulated by Pezeshkian, directly aims to reduce reliance on Western-led financial systems and the U.S. dollar. Putin's proposal for an NDB-based investment platform further solidifies this objective, seeking to mobilize private-sector funding for infrastructure, logistics, and technology projects, thereby enhancing BRICS economies' competitiveness and self-sufficiency. The BRICS bloc, which expanded in 2024 to include Egypt, Ethiopia, Iran, UAE, and Saudi Arabia, and Indonesia in 2025, now represents a significant portion of global economic activity, claiming over 40% of incremental global GDP in the past five years. This economic shift is presented as a structural change in the global economy, with emerging economies becoming increasingly vital growth sources. The ongoing conflicts in Ukraine and Iran are demonstrably impacting global energy markets, with U.S. diesel prices hitting $6 per gallon and crude oil futures exceeding $100 per barrel on September 11, 2026, largely due to disruptions in critical shipping lanes like the Strait of Hormuz.

Where the Accounts Conflict

The provided source documents, originating from CNBC Top News and an Operative Telegram Feed (Economic Times), do not present direct conflicts in their reporting of the BRICS Business Forum events on September 11, 2026. Instead, they offer complementary perspectives and emphasize different aspects of the same core events. The CNBC report focuses more heavily on the immediate economic impacts of the ongoing conflicts, specifically detailing the rise in U.S. diesel prices to $6 per gallon and crude oil futures topping $100 per barrel, directly linking these to disruptions in the Strait of Hormuz. It also highlights President Pezeshkian's assertion that pressure on Iran has entered a "dangerous phase" involving military aggression. Conversely, the Operative Telegram Feed, via Economic Times, provides more granular detail on President Putin's specific proposals, such as the NDB-based investment platform and the identification of the Arctic Transport Corridor and North-South Transport Corridor as key areas for cooperation. While both sources quote Putin on the number of sanctions against Russia and BRICS's GDP growth claims, the Economic Times elaborates more on the strategic framing of BRICS cooperation as advancing national interests rather than being directed against other nations. Both reports consistently portray the BRICS leaders' unified stance against Western sanctions and their push for deeper economic integration and alternative financial mechanisms.

Context and Stakes

The statements from Presidents Pezeshkian and Putin at the BRICS Business Forum occur within a highly volatile geopolitical landscape. Russia continues to face extensive Western sanctions following its 2022 invasion of Ukraine, with Putin claiming over 30,000 sanctions have been imposed. Iran is also under significant international pressure, which Pezeshkian described as escalating to military aggression from the U.S. and Israel. These conflicts have directly impacted global energy markets, leading to sharp increases in fuel prices, as evidenced by U.S. diesel hitting $6 per gallon and crude oil futures surpassing $100 per barrel on September 11, 2026. The Strait of Hormuz, a critical chokepoint for global oil and gas transport, has seen severe disruptions due to the Iran conflict, exacerbating energy security concerns worldwide. The BRICS bloc, which has expanded significantly in recent years to include major energy producers like Iran, UAE, and Saudi Arabia, is positioning itself as a counterweight to the G7 and Western-led financial institutions. Their push for de-dollarization and the creation of alternative investment platforms, such as the proposed NDB-based mechanism, represents a direct challenge to the existing global economic order. The stakes involve not only the economic stability of member nations but also the potential for a fundamental restructuring of international trade and finance, with implications for global currency dominance, energy security, and geopolitical power balances.

What to Watch Next

Observers should closely monitor the immediate outcomes of the BRICS summit in New Delhi. A joint communique or official statement detailing specific commitments regarding the proposed NDB-based investment platform and the expansion of national currency use in trade will be a key indicator. Given Putin's public pitch and the bloc's stated goals, a formal endorsement is highly probable. Furthermore, the reactions from Western capitals, particularly Washington D.C. and Brussels, to these BRICS initiatives will be critical. Historically, the U.S. Treasury Department has responded to efforts to circumvent its financial system with new advisories or sanctions targeting facilitating entities. Any such measures would signal an escalation in the economic competition between these blocs. The trajectory of global energy prices, particularly crude oil and diesel, will also remain a central focus. Continued disruptions in the Strait of Hormuz or further escalations in the Iran conflict could push prices even higher, impacting global inflation and economic growth. Conversely, any de-escalation efforts, such as U.S. President Donald Trump's mentioned assurance regarding Ukraine, could temporarily stabilize markets, though the underlying structural shifts driven by BRICS remain. The implementation details of the Arctic and North-South Transport Corridors, if announced, will provide insight into the practical steps BRICS is taking to build alternative trade routes.

Bottom Line

The BRICS Business Forum on September 11, 2026, served as a platform for Iran and Russia to vocally condemn Western sanctions and actively promote a multipolar economic order. Presidents Pezeshkian and Putin articulated a clear strategy to deepen economic ties within the BRICS bloc, advocating for the expanded use of national currencies and the establishment of new, non-Western financial mechanisms like an NDB-based investment platform. This push for de-dollarization and alternative trade routes, including the Arctic and North-South Transport Corridors, directly challenges the existing global financial architecture. The backdrop of ongoing conflicts in Ukraine and Iran, which have already driven U.S. diesel prices to $6 per gallon and crude oil futures above $100 per barrel, underscores the immediate economic stakes. BRICS leaders are leveraging their growing economic weight, claiming over 40% of recent incremental global GDP, to build a resilient platform for global growth based on national interests and innovation, explicitly rejecting external impositions. The coming months will reveal the extent to which these ambitious proposals translate into concrete actions and how Western powers respond to this evolving economic realignment.