BRICS Adopts Delhi Declaration, Urging Mideast Restraint
Leaders of the 11-nation BRICS bloc unanimously adopted the New Delhi Declaration on Saturday after marathon negotiations bridged sharp diplomatic divides between Iran and the United Arab Emirates. The summit outcome calls for maximum restraint in West Asia while accelerating local-currency payment frameworks to shield member economies from U.S. financial leverage.
The New Delhi Declaration confirms expanding Western sanctions and Middle East warfare are forcing emerging powers into non-dollar trade rails — insulating one-third of global output from Washington.
Background BRICS represents over 45% of the world's population and one-third of global economic output following its expansion to include Iran, Egypt, and Indonesia. Member states have increasingly sought non-dollar settlement systems to cushion trade from Western sanctions and mitigate energy price volatility triggered by Middle East conflicts.
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BRICS leaders unanimously adopted the New Delhi Declaration, expressing deep concern over Middle East fighting, calling for maximum restraint, and opposing unilateral tariffs that distort global trade.
Negotiators drafted economic framework agreements for local-currency trade settlements, seeking to protect bilateral commodity transactions from dollar-clearing systems and Western banking sanctions.
Iranian President Masoud Pezeshkian engaged in direct bilateral meetings with Asian leaders to secure alternative crude export routes amid ongoing Red Sea maritime disruptions.
Russian President Vladimir Putin held separate bilateral sessions with Indian host Modi, emphasizing economic cooperation while addressing Western peace proposals for the Ukraine conflict.
Watch Implementation of BRICS cross-border payment interoperability: if member central banks clear pilot oil transactions without dollar messaging systems, non-dollar crude pricing becomes permanent.
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