Russian President Vladimir Putin urged BRICS nations to build an independent economic platform to counter Western pressure, while experts highlighted that a unified payment system remains achievable but faces a major trust hurdle.

Speaking at a BRICS business forum in New Delhi, Putin accused Western powers of using aggressive tactics to protect their global influence. He stated that competition had moved beyond traditional economic rivalry, citing attacks on infrastructure and efforts to disrupt global trade routes.

BRICS Payment System Faces Trust Hurdle

A unified payment system for the 11-member BRICS bloc is achievable, but member countries must first agree on transaction safeguards, data security and cross-border financial rules, Ziaad Suleiman, chair of the Digital Economy Working Group, South Africa Chapter, BRICS Business Council, said.

"A unified payment system for BRICS is certainly achievable. What we need is the right level of trust and an appropriate framework," Suleiman told BusinessLine.

He said countries would need confidence that financial data is protected and transactions are secure, while also understanding how businesses and financial institutions operate across member economies. The growing bloc has been exploring stronger payment connectivity and greater use of local currencies for trade.

Putin Targets Western Economic Pressure

Putin said Russia has faced more than 30,000 sanctions, arguing that economic pressure and trade restrictions have become tools of geopolitical competition. He noted that Russia has responded by strengthening ties with "reliable, predictable partners" and that its economic growth over the past three years has exceeded the global average.

He criticized restrictions targeting countries that refuse to follow Western policies, saying international transport corridors and shipping were being disrupted. He argued that illegal restrictions and threats of secondary sanctions targeted countries defending their own national interests.

India-Russia Trade Adds Urgency

Last month, the U.S. Senate passed the bipartisan Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 by an 86-11 vote. This allows President Donald Trump to impose tariffs of up to 100% on countries such as India and China that continue significant Russian oil and gas purchases.

The measure could further pressure India-Russia energy trade, while also expanding sanctions on Putin, senior officials, financial institutions and Russia-linked energy projects. Indian Commerce Minister Piyush Goyal urged BRICS members and partner countries to connect payment systems and facilitate trade in local currencies.

Summit Context

The summit is set to bring together Chinese President Xi Jinping, Iranian President Masoud Pezeshkian, and other leaders. The meeting occurs amid continued trade and shipping disruptions linked to the wars in Ukraine and Iran.

Iran's Oil Minister has traveled to India to attend the BRICS Energy Summit, marking a significant diplomatic engagement within the BRICS framework focused on energy matters.

BRICS Energy Summit Visit

The visit by Iran's Oil Minister to India underscores the importance of energy dialogue among BRICS member and associated nations. The BRICS grouping has increasingly served as a platform for member states to discuss energy policy, supply cooperation, and related strategic interests.

The summit provides a forum for energy ministers and officials from BRICS nations to engage on matters of shared interest in the energy sector. Iran's participation reflects the country's active involvement in multilateral energy discussions at the BRICS level.

No further details regarding specific agenda items, bilateral meeting outcomes, policy announcements, or statements were available in the source data provided.