BRICS AT THE CROSSROADS: TURNING THE IRAN SANCTIONS CRISIS INTO A NEW GLOBAL ECONOMIC ORDER
There are moments in international affairs when history does not knock twice. The present confrontation between the United States and the Islamic Republic of Iran may be one of those moments—not simply because of the geopolitical consequences of the conflict, but because of what the accompanying economic sanctions reveal about the architecture of the global financial system. On August 23–24, 2026, the United States expanded sanctions against Iran and warned countries and companies maintaining economic relationships with Tehran that they could face consequences, including potential exclusion from the dollar-based financial system. This is precisely why the BRICS countries must begin treating financial independence not as a distant ambition, but as an urgent strategic necessity. The issue is bigger than Iran. It is about whether the global economy should remain overwhelmingly dependent on one country's currency, financial institutions and payment infrastructure—or whether...