U.S. watches as Russia, China, Iran, Saudi Arabia and Africa’s BRICS powers rally in India to bypass sanctions and break the US dollar’s hold over global finance
Global leaders from major emerging economies, including Brazil, Russia, India, China, South Africa, Iran, Saudi Arabia, and the United Arab Emirates, have arrived in New Delhi, India for the 18th BRICS Summit held at Bharat Mandapam on September 12 and 13, 2026
The 18th BRICS Summit opened in New Delhi on September 12, 2026, gathering heads of state from Brazil, Russia, India, China, South Africa, Iran, Saudi Arabia and the United Arab Emirates at the Bharat Mandapam venue. The two‑day meeting follows a period of heightened geopolitical tension and a series of economic initiatives aimed at reshaping global trade patterns.
Economic Cooperation and Currency Use
Delegates are expected to concentrate on deepening economic ties and reducing reliance on the U.S. dollar for cross‑border transactions. After expanding to include Iran, the United Arab Emirates, Saudi Arabia, Egypt, Ethiopia and Indonesia, the bloc now counts 11 full members. Organizers have placed particular emphasis on building payment infrastructures that allow member nations to settle trade in their own currencies.
Geopolitical Context
The summit’s agenda is heavily colored by ongoing conflicts in the Middle East and Eastern Europe. Prime Minister Narendra Modi met bilaterally with Russian President Vladimir Putin and Iranian President Masoud Pezeshkian before the plenary sessions began. In that meeting, Modi and Putin examined security challenges that affect international maritime commerce. India’s foreign ministry released a statement confirming that the two leaders pledged to stay engaged in order to further strengthen the “special and privileged strategic partnership” between their countries.
China’s First Visit in Years
President Xi Jinping attended the gathering, marking his first official trip to India in almost seven years. His presence underscores Beijing’s interest in the bloc’s evolving role as a counterweight to Western‑led financial institutions.
Regional Experts Highlight Conflict Risks
Analysts note that the wars raging in the Gulf and Ukraine create friction points for the enlarged group. Harsh V. Pant of the Observer Research Foundation told AFP that “the Gulf conflict is going to be the central fault line this time during the BRICS summit,” emphasizing how regional instability could shape negotiations.
Origins and Goals of the Coalition
Formed in 2009 by Brazil, Russia, India, China and South Africa, the BRICS alliance was created to give large developing economies a louder voice on the world stage, traditionally dominated by Western powers. The addition of new members reflects a shared desire to promote alternative financial mechanisms and to challenge the dominance of the dollar in global markets.
Potential Global Impact
The outcomes of the New Delhi meetings are likely to influence the broader international economy. By advancing payment systems that rely on national currencies, the bloc aims to provide a viable alternative to dollar‑centric trade, potentially ushering in a more multipolar financial system. Observers will watch closely to see whether the expanded BRICS coalition can translate its rhetoric into concrete reforms that reshape global finance and reduce the effectiveness of existing sanctions regimes.
Source: africa.businessinsider.com · 2026-09-12