Iranian Ambassador to Moscow Kazem Jalali has called for BRICS nations to create a financial and banking system independent of Western standards, which he claims harm Global South countries. Speaking in Dubai on Oct. 22, Jalali argued that the existing Western financial system imposes regulations that benefit only Western countries, at the expense of developing nations. He was quoted by Irna news agency as stating:

We should not make ourselves act in accordance with Western standards, which inflict damage on Global South countries as they are aimed solely at satisfying the demands of Western countries.

Jalali pointed out that BRICS member states could develop their own banking cooperation mechanisms and a financial messaging exchange system that would not rely on Western standards. He noted that in areas such as counterterrorism and financial regulations, the West has “developed rules based on its biased standards.” He emphasized the opportunity for BRICS to set “fair standards in this area for themselves and other countries interested in cooperation.”

The 16th BRICS Summit, which takes place in Kazan, Russia from Oct. 22-24, serves as a critical platform for this discussion. Russia, which holds the chairmanship for 2024, is expected to steer conversations toward strengthening cooperation among BRICS members. Jalali’s comments align with the summit’s broader goals, particularly in regard to financial independence and collaboration among member states.

Founded in 2006 by Brazil, Russia, India, and China, BRICS expanded in 2011 when South Africa joined the group. It continues to grow, with Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE) becoming full members on Jan. 1, 2024. As Jalali highlighted, BRICS members have the potential to shape global financial norms. Underscoring the group’s ambition to break away from Western financial influence, he opined:

BRICS member states may create fair standards in this area for themselves and other countries interested in cooperation.

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