Delhi hosts a summit under strain

Modi is hosting Putin, Xi, Pezeshkian and leaders from the other eight members on Saturday. Thousands of police and paramilitary ring the venue, with traffic diverted across New Delhi.

A small club got big

Founded in 2006 by Brazil, Russia, India and China, joined by South Africa in 2010, BRICS now has 11 members covering roughly half the world's population and a large slice of global output.

The agenda runs on money

Leaders plan to talk trade, energy, food security, technology, supply chains and reform of global institutions, with a push to cut reliance on the dollar by trading in their own currencies.

Moscow and Beijing want leverage

Russia and China treat BRICS as a counterweight to US dominance. Putin told the business forum the group targets no one, then framed it plainly as self-interest.

“We are in favor of our interests”

Iran wants a sanctions escape hatch

Facing sweeping sanctions and a US blockade, Tehran is pressing for payment mechanisms outside Western finance. Pezeshkian put national currencies at the top of his list.

“One of the most important steps is to expand the use of national currencies in trade among the members”

India walks a tightrope

Delhi keeps old ties with Moscow and Tehran while courting Washington and Europe on trade, defense and tech. Modi met Putin and Pezeshkian separately on Friday, and sees Xi later Saturday.

The joint statement is the test

In May, BRICS foreign ministers could not agree on a statement over the Iran war and India issued a chair's summary instead. With that war possibly widening, the same split could repeat.