BRICS Summit Focuses on Iran as Member States' Divisions Deepen

On September 12, the BRICS (Brazil, Russia, India, China, and South Africa) leaders' summit was held in New Delhi, India. The ongoing war in Iran continues to disrupt the Strait of Hormuz and the Red Sea, with international oil prices surpassing $100, making Iran a central topic of the summit. Member states such as China, Russia, and India have direct communications with Iran, possessing diplomatic advantages that the United States lacks. Iranian President Ebrahim Raisi called for the establishment of alternative financial instruments to reduce dependence on the Western financial system and criticized the U.S.-led global order. Russian President Vladimir Putin advocated for BRICS to create a platform independent of Western rules, focusing on strengthening cooperation in payments, investments, technology, and infrastructure. However, BRICS faces challenges in becoming a mediating force in the Middle East crisis, as Iran and the UAE are on opposing sides of the conflict, with the UAE suspending trade and financial dealings with Iran; India needs to maintain relations with the U.S., Gulf countries, Russia, and Iran. The divisions among member states led to the failure of the foreign ministers' meeting to issue a joint statement. The market is watching whether BRICS can reach a consensus on energy security, cross-border payments, and the situation in the Middle East, as disruptions in transportation through the Strait of Hormuz continue. Whether the summit can release a unified stance will become an important window for observing global energy and geopolitical trends.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.