Flux warning
Meanwhile, BRICS foreign ministers, including from Iran and Russia, met in New Delhi on Thursday, where India warned of “considerable flux” with conflict driving economic uncertainty and energy insecurity.
War in Iran and the related fuel crisis are dominating discussions in the two-day gathering.
India, which holds the BRICS chair this year, was hosting the foreign ministers from the expanded bloc, which now includes Iran, Saudi Arabia and the UAE — countries at odds over the conflict.
Among the foreign ministers attending were Iran’s Abbas Araghchi and Russia’s Sergei Lavrov.
“Ongoing conflicts, economic uncertainties, and challenges in trade, technology, and climate are shaping the global landscape,” India’s Foreign Minister Subrahmanyam Jaishankar said, in his opening speech, before closed meetings began.
“There is a growing expectation, particularly from emerging markets and developing countries, that BRICS will play a constructive and stabilizing role.”
Disruptions around Gulf shipping routes and the Strait of Hormuz continue to drive volatility in oil and gas markets, increasing pressure on energy-importing economies, including India.
“Development issues remain central,” Jaishankar added. “Many countries continue to face challenges on energy, food, fertilizer and health security, as well as also access to finance.”