Iran slams sanctions, says expand trade in national currencies
Iranian President Masoud Pezeshkian has urged BRICS nations to trade in national currencies to bypass Western financial systems and mitigate the impact of sanctions. He criticized the West for its role in global economic instability and the ongoing conflict in Gaza.
Why it matters
This reflects a growing effort by non-Western nations to de-dollarize their economies and challenge the current international financial order.
New Delhi: Iranian President Masoud Pezeshkian called on Brics members to expand trade in national currencies to reduce dependence on existing financial and trade systems, as he slammed the West for imposing unilateral sanctions and for "crimes and genocide" against people of Iran and Gaza.With Iran bearing the brunt of sanctions, which have worsened the precarious condition of Iran's economy, Pezeshkian said at the concluding session of Brics summit that excessive dependence on financial and trade systems has made emerging economies vulnerable to political shocks.The latest round of sanctions has sharply eroded the value of the Iranian rial, aggravated the already high inflation and made oil exports, the main source of revenue, too prohibitive.He said…
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