Russia's President Putin says "Iran has become a fully-fledged member of the BRICS."

BRICS leaders convene at a summit discussing global economic challenges and expansion.

In a significant geopolitical development, Russian President Vladimir Putin has announced that Iran has officially joined the BRICS group of nations. The BRICS bloc, which currently includes Brazil, Russia, India, China, and South Africa, continues to grow in influence on the global stage.

Putin emphasized the importance of Iran's membership, describing it as a crucial step in furthering cooperation between rising powers. "Iran has become a fully-fledged member of BRICS, contributing to the group's efforts in promoting a multipolar world," he said.

This move is seen as part of the BRICS’ broader strategy to counterbalance the Western-led global order. The inclusion of Iran, a major player in energy markets, could accelerate key BRICS initiatives such as creating a new reserve currency and reducing dependence on the U.S. dollar.

For Iran, joining BRICS comes at a pivotal moment. As the nation faces economic sanctions, the opportunity to engage in trade and cooperation with some of the world's largest economies is seen as a chance to mitigate the impact of those sanctions. Additionally, Iran’s vast oil reserves make it a valuable partner for BRICS, particularly in energy discussions.

BRICS’ expansion aligns with the group’s vision of reshaping the international financial and political landscape. With Iran’s inclusion, the group hopes to present an alternative to Western institutions like the International Monetary Fund (IMF) and World Bank. As BRICS grows in membership and influence, it is expected to play a larger role in shaping the future of global governance.