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[INTERNATIONAL] · India, Iran, United States, Malaysia · 110 sources (showing 100)

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Iran President Pezeshkian warns of critical economic crisis at BRICS Summit

At the 18th BRICS Summit in New Delhi, Iranian President Masoud Pezeshkian addressed the critical economic state of Iran, describing it as a “critical and dangerous phase” driven by US financial sanctions and military aggression. He highlighted that inflation reached 87.9% in July, with food and beverage costs rising by 128%. Pezeshkian called for BRICS to establish an economic space that prevents the monopolization of financial and technological tools by single nations to disrupt legitimate trade.

To mitigate the impact of US sanctions and the ‘Economic Pariah’ operation, the Iranian central bank is reportedly encouraging the use of cryptocurrencies, such as Bitcoin and Tether, to facilitate cross-border transactions. Additionally, the US Treasury has designated Turkey's Golden Global Bank and Egypt's Misr bank for their involvement in transactions related to Iran.

On the security front, Pezeshkian challenged the United States to engage directly with Iran's military forces rather than targeting civilian infrastructure, food supplies, and water access. He asserted that Iran will not surrender to external pressure. Meanwhile, Indian Prime Minister Narendra Modi urged BRICS leaders to recognize the risks of weaponizing technology and critical minerals, emphasizing the need for global resilience against interconnected crises.

Entities

BRICS · Donald Trump · India · Iran · Israel · Masoud Pezeshkian · Narendra Modi · Strait of Hormuz · United States · United States

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Sources

BRICS Summit in New Delhi [timeskuwait.com]