BY SRH
BRICS and the Shifting Balance of World Power….
On Saturday, the 18th BRICS conference adopted a 45-page New Delhi Declaration and a payments infrastructure to divert cross-border trade from the Western financial system, taking its boldest move toward weakening the US dollar. Most progressed gradually. It was a lifeline for Iran six months into a battle with the US and Israel under US sanctions and a naval blockade.
Declaratory and payment tracks
Leaders at Bharat Mandapam overwhelmingly adopted the New Delhi Declaration 2026 on day one. No one objected, says Narendra Modi. To bypass SWIFT, the economic deal aimed to encourage business and investment in member nations’ native currencies and integrate local payment and messaging systems. The declaration stated that the bloc’s payment task group evaluated such channels and local currencies for cross-border investment and trade settlement.
Most people are interested in BRICS Pay, a decentralized payment-messaging system that combines SPFS in Russia, UPI in India, and CIPS in China into one interoperability layer that can handle payments outside of SWIFT An experimental gold-backed “Unit” token program began.
In New Delhi, the Indian Press Information Bureau and AFP held the 18th BRICS Summit on September 13, 2026.
Also interesting was the bloc’s denial. India would struggle politically and financially with a single BRICS currency. It favors interoperable national currencies. Many analysts expect a gradual outflow of dollars from the financial system rather than a new reserve currency or monetary union.
Washington response
National capital moved swiftly. President Trump threatened 100% tariffs on the BRICS in his year-long campaign to stop “anti-American” actions. Export-dependent economies that depend on the US market are safer as the bloc diverts more dollar transactions.
Tariffs that punish Washington de-dollarize, surprising it.
Hassan leads.
Iran posed the greatest risk. President Masoud Pezeshkian told reporters that intra-bloc transactions needed members’ currencies. Tehran prioritizes safeguarding members from Western financial pressures after sanctions and blockade. The pursuit continued at the top.
The summit cements Iran’s global bilateral progress. On January 29, 2026, Tehran, Moscow, and China struck a strategic accord to establish SWIFT-alternative financial infrastructure and restrict dollar exposure. A 25-year framework for cooperation between Iran and China, the fact that China buys most of Iran’s oil in yuan, and an operational Iran-Russia monetary deal that links Russia’s Mir card network to Iran’s Shetab system and settles trade directly in rials and rubles underlie the
It contradicts the premise that Iran is evading currencies. It has one. Tehran thinks BRICS Pay will help it graft its illicit financial operations onto a larger, sanctions-resistant network and gain multilateral legitimacy for its alternative financial system with Beijing and Moscow for two years.
If BRICS stepped in,
The most problematic portions of the proclamation were its rough edges and intentionally unclear local issues. The UAE-Iran dispute kept discussions going till 4 a.m. The group expressed severe worry about the US-Israeli attack on Iran and called for moderation, diplomacy, and discussion without identifying a country. Unison demolished the hedge. Iran’s foreign minister, Abbas Araghchi, urged the BRICS to confront US and Israeli aggression, but the UAE warned Iran was legitimizing its drone and missile attacks on Gulf states. In the chair, India tolerated “differing views among some members” and reached consensus. The phrase was stronger than a generic peace request, but not as harsh as the Rio summit’s explicit rejection of Iran’s strikes the year before.
Iran agreed to the summit’s diplomatic approach. Tehran utilized words its Gulf enemies could comprehend while Pezeshkian had their highest-level communication since the fight on the sidelines. Late August saw the latest Al Minhad Air Base attack. By staying inside the consensus, Iran acknowledged the declaration’s call to protect people and significant concerns over escalation. Abu Dhabi supported national sovereignty and territorial integrity after the US-Israeli invasion and Iran’s Gulf strikes. Text carried two meanings to support the accord.
The alliance in Lebanon condemned Israel. The leaders supported UNIFIL, mourned the four Indonesian peacekeepers slain in the south, and demanded accountability for Lebanon’s sovereignty and territorial integrity transgressions. Additionally, they wanted UNSC Resolution 1701 fully implemented. Israel is barely named three times in the 45-page BRICS statement but is harshly criticized. The statement denounced Israel’s unilateral Jerusalem alterations and praised South Africa’s ICC Gaza sanctions.
Given this, India should recall Modi’s position six months ago. He was Israel’s first prime minister to address the Knesset during a February 25–26 state visit. He won the Speaker’s Medal, established a “special strategic partnership,” and began defense co-production. He fled, and the US and Israel bombed Iran, killing its leader 48 hours later. New Delhi was quiet. US pressure weakened its Iran ties, including Chabahar port finance and bilateral trade. Months of silence.
It broke in Bishkek. At the Shanghai Cooperation Organization conference on September 1, Modi sharply condemned US-Israeli military strikes on Iranian soil, mourned the Iranian leader’s death, and created history by affirming Iran’s sovereignty and rights under the Non-Proliferation Treaty. That was a substantial change from February Netanyahu support. SCO has no Gulf Arab members, unlike BRICS, which included the UAE, which vehemently protested and insisted on the undefined “deep concern” formula. Even if they criticized Israel over Lebanon. After eleven days, New Delhi’s proclamation treated Iran better than Bishkek’s. From Knesset award to Bishkek rebuke, India’s 2026 trajectory defines the movement. The BRICS negotiation table, not a retreat, hedged Iran in New Delhi.
Figurative and real
A sober assessment is needed. In international trade, commodity pricing, and global reserves, the New Delhi Declaration will not replace dollar dominance. Communications and interoperability are facilitated via BRICS Pay. Since the declaration didn’t mention Iran’s aggressors, the Middle East consensus held, but the Iran-UAE gap that nearly derailed talks remained. The declaration’s bloc unity emphasis ignored these borders. Post-dollar order accusations were rhetorical for a while.
The bloc’s imbalance counts. Brazil and India have unrestricted access to Western markets and funding, but Iran and Russia are threatened. A payment rail without dollars is better than reserve-currency theory for a state not in SWIFT and dollar clearing. Dollar will survive New Delhi Declaration. Thus, the sanctioned bloc has an established, endorsed, and growing alternative to Washington’s isolationist administration.
Putin: BRICS appreciation soaring.
Our key values are popular.
“BRICS has always included all countries without exception” (RT, September 13, 2026).
Prior knowledge
The festivities occur amid Ukraine and Middle East conflicts. Late February US-Israeli attacks provoked an Iranian conflict that boosted oil prices beyond $100 per barrel, shut the Strait of Hormuz, and intensified Saudi Arabia’s Houthi conflict. Because Washington’s financial and military pressure drives certain states to build corridors outside its control, de-dollarization is necessary. The summit’s second day covers energy security, supply chains, and the bloc’s Economic Strategy 2030.
