Iran is increasingly aligning itself with Russia’s initiatives within the BRICS framework, particularly focusing on supporting the development of a single BRICS currency. According to Iran’s envoy, this strategic move is aimed at fostering stronger economic ties with BRICS nations while also countering the impact of Western sanctions, particularly those imposed by the United States.
The concept of a BRICS single currency, while still in its formative stages, represents an ambitious attempt to reshape the global financial landscape. This currency would facilitate trade and financial transactions among BRICS members, reducing their reliance on the U.S. dollar and euro. For Iran, which has been heavily sanctioned and largely excluded from the global financial system, this initiative offers a pathway to greater economic sovereignty and integration with a bloc that represents a substantial portion of global GDP and population.
Iran’s support for the single currency initiative is part of a broader strategy to deepen its engagement with BRICS, an alliance that it views as a counterbalance to Western economic dominance. By backing Russia’s push for this currency, Iran aims to not only strengthen its economic ties with BRICS members but also to participate in the creation of a multipolar financial order, less susceptible to the political and economic pressures exerted by Western powers.
