BRICS Summit: Iran Backs De-Dollarisation, Says Bloc Seeks to Counter US Dominance

Ahead of his visit to India for the 18th BRICS Summit, Iranian President Masoud Pezeshkian has called for reducing dependence on the US dollar, saying the grouping was established to help countries break free from the dominance of the American currency.

Pezeshkian is scheduled to arrive in New Delhi at 2 pm on Friday and is expected to hold a bilateral meeting with Prime Minister Narendra Modi. The ongoing conflict and tensions in West Asia are likely to be among the key issues discussed by the two leaders.

“The new BRICS bank was created to free countries from reliance on the dollar and to stand against America’s push for dominance,” Pezeshkian said.

India Hosts BRICS Summit

India is hosting the 18th BRICS Summit on September 12 and 13 as part of its 2026 BRICS chairmanship. The summit comes at a time of heightened geopolitical tensions, with the Russia-Ukraine war and the US-Iran conflict continuing to shape the international landscape.

New Delhi has chosen “Building for Resilience, Innovation, Cooperation and Sustainability” as the theme for its BRICS chairmanship, with a focus on strengthening cooperation among emerging economies and advancing the interests of the Global South.

Several world leaders are expected to attend the summit, including Chinese President Xi Jinping, Russian President Vladimir Putin, South African President Cyril Ramaphosa, Indonesian President Prabowo Subianto, Egyptian President Abdel Fattah El-Sisi, Malaysian Prime Minister Anwar Ibrahim, UAE Crown Prince Mohamed bin Zayed Al Nahyan, Ethiopian Prime Minister Abiy Ahmed and Vietnamese Prime Minister Le Minh Hung.

Iran’s De-Dollarisation Push

Pezeshkian’s remarks highlight Iran’s support for efforts within BRICS to reduce dependence on the US dollar in international trade and financial transactions.

The issue of de-dollarisation has gained prominence within the grouping as member countries explore greater use of national currencies and alternative financial mechanisms. Iran has consistently pushed for stronger economic cooperation among BRICS members and less reliance on Western-dominated financial systems.

US-Iran Conflict

The latest push comes against the backdrop of the escalating conflict in West Asia. The conflict began on February 28 after the United States and Israel launched coordinated strikes on targets across Iran, according to the report.

Iran retaliated with attacks on US-linked facilities in the Gulf, with the confrontation subsequently expanding into a wider regional conflict. The hostilities also led to disruption around the strategically important Strait of Hormuz, a major route for global energy shipments.

The crisis has added to concerns over energy security and global trade while strengthening calls among BRICS countries for greater financial and economic resilience.