Putin Claims BRICS Outproduces G7 as Modi Holds Back-to-Back Meetings With Putin and Iran's Pezeshkian in Delhi

Since Putin landed in New Delhi and Pezeshkian left Tehran for the BRICS summit's Saturday opening at Bharat Mandapam, Friday brought the actual substance: a Business Forum stacked with speeches about ditching Western financial dominance, followed by a run of one-on-one meetings between Prime Minister Narendra Modi and the leaders of Russia and Iran.

Vladimir Putin told the forum that BRICS countries have produced more than 40% of global GDP over the last five years, compared to 29% for the G7, according to NDTV. "I don't know why they call that the Group of Seven," Putin said, adding that "the so-called old leaders" of the global economy are being replaced by "new engines of growth."

Putin also accused Western nations of sabotaging that shift through "ugly" competition, name-checking pipeline attacks, blocked transport corridors and seized vessels, according to NDTV. He said more than 30,000 sanctions have been imposed on Russia, which he claimed is double the sanctions total against every other country combined.

Iranian President Masoud Pezeshkian used the same forum to criticize the United States over supply chain disruptions, according to zoomnews.in. Modi, for his part, stuck to a narrower message: secure sea lanes matter more than rhetoric. "Global trade progress is possible only when sea lanes are secure, supply routes remain open, and seafarers are safe," Modi said, according to the Times of India, a direct reference to the Strait of Hormuz standoff tied to the ongoing U.S.-Iran-Israel conflict.

The Bilaterals

Modi and Putin sat down for roughly 45 minutes, covering trade, nuclear energy and defense, according to zoomnews.in. Modi gave Putin a Russian translation of a 2,000-year-old Tamil text by the poet Thiruvalluvar. The two also discussed upgrading the BrahMos missile system, completing delivery of remaining S-400 air defense systems, and a possible Su-57 fighter jet purchase, according to zoomnews.in, continuing defense cooperation that predates this summit by years.

Modi then met separately with Pezeshkian. India's foreign ministry said Modi stressed "the need for continued efforts to ensure lasting peace and stability in the region," according to the Economic Times. India Today reported Modi called for an end to the Iran conflict through dialogue and pressed that civilian and commercial vessels must be protected.

A photo from that meeting, showing Modi holding Pezeshkian's hand while Putin and South African President Cyril Ramaphosa stood alongside, became the visual of the day. India Today framed it as summing up "India's diplomatic position in a deeply divided world" — engaging both Moscow and Tehran while maintaining its own partnership with Washington. Modi also met separately with UN Secretary-General António Guterres on the sidelines, according to the Economic Times.

The Trade Pitch, and Its Limits

Modi told the forum BRICS now represents 50% of the world's population, 40% of global GDP and 25% of global trade, and he floated three priorities for the bloc: trade, startups and partnerships, plus a push for a report identifying the top 10 trade barriers among member nations, according to the Economic Times. Commerce Minister Piyush Goyal framed the summit's economic message as "balanced trade," according to zoomnews.in.

Supporters of this push have a real argument. After more than 30,000 sanctions on Russia and secondary-sanctions threats against anyone trading with Iran, countries like Russia and Iran have a legitimate interest in building payment systems that don't run through Washington or the dollar. That's the stated rationale from Moscow and Tehran themselves.

Talk of local-currency trade and de-dollarization has been a BRICS talking point for years without displacing the dollar's dominant share of global reserves and trade invoicing. Nothing announced Friday—no new payment mechanism, no binding currency agreement—changes that math yet.

The U.S. is watching closely. Secretary of State Marco Rubio told Fox News Radio, "No country should be out there helping [Iran] create mechanisms by which they can circumvent" American sanctions. This warning was issued as Pezeshkian's attendance was confirmed and hangs over whatever the summit produces when leaders formally gather Saturday and Sunday at Bharat Mandapam.

The open question heading into the weekend: does the summit's final declaration contain anything concrete on payment systems or sanctions workarounds, or does it stay at the level of speeches? If it's the latter, Rubio's warning has nothing yet to bite on.