Iran and Russia presidents criticize US dollar dominance before BRICS summit

The presidents of Iran and Russia publicly denounced the dominance of the U.S. dollar in global trade and finance on the eve of the BRICS leaders’ summit scheduled to take place in New Delhi later this month. President Vladimir Putin and President Ebrahim Raisi issued statements urging a shift toward a more diversified international monetary system, arguing that reliance on a single currency exposes economies to geopolitical risk and limits sovereign financial autonomy.

Both leaders highlighted the growing momentum within the BRICS bloc to develop alternative payment mechanisms, citing the New Development Bank’s initiatives and the proposed BRICS Pay platform as concrete steps toward reducing dollar dependency. Their remarks came amid broader discussions among member states about expanding the group’s influence, incorporating new members, and coordinating policies that could facilitate trade in local currencies, the euro, the yuan, or other non‑dollar assets. Analysts note that the summit will likely address these proposals alongside issues of trade, investment, and geopolitical cooperation.

The criticism underscores a coordinated effort by BRICS nations to challenge the prevailing dollar‑centric order and may shape the summit’s agenda toward concrete reforms in cross‑border settlement and reserve diversification. Outcomes from the New Delhi meeting could influence the pace at which alternative currencies gain traction in international markets.