Iran Pushes De-Dollarisation Ahead of BRICS Summit, Calls Bloc a Counterweight to US Dominance

Ahead of his visit to India for the BRICS Summit, Iranian President Masoud Pezeshkian has backed efforts to reduce dependence on the US dollar, saying the grouping was established to help countries move away from reliance on the American currency.

Pezeshkian is scheduled to arrive in New Delhi at 2 pm on Friday for the 18th BRICS Summit, being hosted by India on September 12 and 13. He is also expected to hold bilateral talks with Prime Minister Narendra Modi, with the ongoing tensions in West Asia likely to feature prominently in their discussions.

“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 18th BRICS Summit

India is hosting the summit under its 2026 BRICS chairmanship, with the grouping expected to focus on cooperation among emerging economies and the interests of the Global South amid heightened geopolitical tensions.

The summit comes against the backdrop of several major conflicts and diplomatic flashpoints, including the Russia-Ukraine war and tensions between the US and Iran.

India’s theme for its BRICS chairmanship is “Building for Resilience, Innovation, Cooperation and Sustainability.”

Alongside Pezeshkian, the summit is expected to bring together several prominent world leaders, 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 Pushes for De-Dollarisation

Pezeshkian’s comments come as BRICS members continue to discuss ways to strengthen financial cooperation and reduce vulnerability to dependence on the US dollar.

Iran has repeatedly advocated greater use of national currencies and alternative financial mechanisms in international trade. The issue is expected to remain an important part of discussions around the future economic role of BRICS.

US-Iran Conflict

Tensions in West Asia escalated sharply on February 28 after the United States and Israel launched coordinated strikes on targets in Iran, according to the report.

Iran responded with attacks on US-linked facilities across the Gulf, leading to a wider regional confrontation. The conflict also triggered disruption around the strategically important Strait of Hormuz, a key route for global energy shipments.

The developments have added further urgency to discussions among BRICS members over energy security, trade, financial resilience and reducing dependence on established Western-dominated systems.