Iran Pushes BRICS to Shift to National Currencies
Iranian President Masoud Pezeshkian has urged BRICS members to accelerate local-currency trade to mitigate sanctions risks, proposing concrete mechanisms like a $10 billion joint reinsurance fund and NDB-backed lending. India has shown strong support for this financial decoupling, with officials highlighting the potential to link digital payment networks like UPI to create resilient trade infrastructure.
New details from GN markets/fx (en-US) reveal that Pezeshkian specifically proposed a $10 billion joint reinsurance company and local-currency lending via the New Development Bank to facilitate intra-BRICS trade. Additionally, India’s Commerce Minister Piyush Goyal has endorsed the initiative by advocating for the cross-border integration of digital payment systems, using the Unified Payments Interface (UPI) as a template.
Source: eciks.orgAccording to GN markets/fx (en-US), Pezeshkian explicitly framed the push for national currency settlement as a defense against what he described as dangerous US-Israeli aggression that has escalated pressure on Iran's energy and financial infrastructure. The President further offered Iran as a strategic partner in BRICS energy and transportation supply chains to support this broader economic integration.
Source: VOI.IDIranian President Masoud Pezeshkian declared that the use of national currencies in BRICS trade must expand immediately. He stated this at the summit in New Delhi to counter economic pressure from the US and Israel.
Source: Caspian Post
