US watches Brics as members juggle ties with competing powers
Leaders of the Brics group will gather in New Delhi this week during a time of uncertainty in the global economy, with the Iran war disrupting energy markets , trade routes and long-standing relationships. Six months of war in the Middle East has forced countries to rethink where they get their energy, how they move goods and how they do business. The summit on September 12 and 13 comes as US…
Six months of Middle East conflict has forced nations to reevaluate their energy sources and supply chains. The Brics summit in New Delhi aims to address these challenges and strengthen economic ties among its members. The US, under President Donald Trump, is pressuring trading partners to sever financial ties with Iran, threatening secondary sanctions if they continue to do business with Tehran.
China, Iran's largest oil importer, is under economic strain as its purchases drop due to US sanctions and attacks on Iranian oil shipments. India, a key US ally, faces a dilemma in balancing its interests in Iran with its need to maintain relationships with other global powers. The evolving Brics group, now including the UAE and Saudi Arabia, aims to reduce dependence on established trade and financial networks, fostering greater use of local currencies and alternative payment systems.
Written by urgent.news from The National UAE's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- US watches Brics as members juggle ties with competing powers thenationalnews.com
