NEW DELHI: BRICS nations, including Iran and Russia, met in New Delhi on Thursday, where India warned of &quot;considerable flux&quot; in a world hit by conflict, economic uncertainty and energy insecurity. The war in Iran and the related fuel crisis are dominating discussions in the two-day gathering. India was hosting the foreign ministers from the expanded bloc that now includes Iran, Saudi Arabia and the United Arab Emirates -- countries at odds over the conflict launched by the United States and Israel on February 28. &quot;We meet at a time of considerable flux in international relations,&quot; India&#39;s Foreign Minister Subrahmanyam Jaishankar said in his opening speech, before closed meetings began. Among the foreign ministers attending were Iran&#39;s Abbas Araghchi and Russia&#39;s Sergei Lavrov. &quot;Ongoing conflicts, economic uncertainties, and challenges in trade, technology, and climate are shaping the global landscape,&quot; Jaishankar added, saying many countries &quot;continue to face challenges on energy, food, fertilizer, and health security&quot;. 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. India&#39;s foreign ministry also condemned an attack on an Indian-flagged ship off Oman on Wednesday as &quot;unacceptable&quot; -- with all sailors rescued safely by Muscat. &quot;We deplore the fact that commercial shipping and civilian mariners continue to be targeted,&quot; the foreign ministry said, without giving further details of who launched the attack. Araghchi, speaking in New Delhi, insisted that the Strait of Hormuz &quot;is open for all&quot; commercial vessels that &quot;cooperate&quot; with its navy. &quot;There is no such thing as a military solution to anything related to Iran,&quot; Araghchi said. &quot;We Iranians never bow to any pressure or threat, but we reciprocate the language of respect.&quot; &#39;Volatile global environment&#39;The conflict involving Iran has added strain to India&#39;s economy, which is heavily reliant on Middle Eastern energy supplies and fertilizer imports, and has cast uncertainty over New Delhi&#39;s growth outlook. India, the world&#39;s third-largest oil buyer, normally sources about half of its crude through the Strait of Hormuz, a vital waterway that has been repeatedly blocked since the war began. Ship‑tracking and import data show that India has partially plugged the gap by turning to old allies, expanding promising ties and reviving suppliers it had not tapped in years. The biggest backstop has been Russian crude -- a fuel source New Delhi spent much of the past year trying to pivot away from under stiff US tariffs. Jaishankar met with Lavrov on Wednesday evening. &quot;Our political cooperation is even more valuable in an uncertain and volatile global environment,&quot; Jaishankar said in remarks at the meeting, adding that discussions included &quot;trade and investment, energy and connectivity&quot;. BRICS expandsBRICS was created in 2009 as a forum for major emerging economies seeking greater influence in institutions dominated by Western powers. The grouping, originally comprising Brazil, Russia, India, China and South Africa, has since expanded, as members sought to boost the bloc&#39;s global political and economic influence. It now includes Egypt, Ethiopia, Iran, Saudi Arabia, Indonesia and the United Arab Emirates. China&#39;s Foreign Minister Wang Yi was not attending, with US President Donald Trump in Beijing on Thursday. India will hold a leaders&#39; summit later this year, and the foreign ministers will also meet with Prime Minister Narendra Modi, the foreign ministry said. With deep divisions among some members, including over the war in the Middle East and criticism of Western powers, it was unclear whether a joint statement would be released at the meeting&#39;s end.

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Ministers meet amid widening geopolitical tensions, energy shocks and trade uncertainty, with the war in Iran exposing divisions within the expanded bloc and raising doubts about a joint statement.

Iran war and oil dominate BRICS meet in India

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ISLAMABAD: Pakistan is pursuing an agreement with Russia on oil and gas exploration and refinery modernization as bilateral trade between the countries more than doubled last year, Pakistan&#39;s Finance Minister Muhammad Aurangzeb said on Tuesday. In an interview with the Russian state-owned channel, RIA Novosti, at the Momentum conference in Riyadh, Aurangzeb said that &quot;All these areas are the strengths of Russia. And we would be very happy if they agreed on an agreement in this industry with Pakistan.&quot; The State Bank of Pakistan data shows trade volume between the two countries rose to $1.81 billion in the fiscal year ending June 2024. It was largely driven by imports of discounted Russian crude oil. Russian Energy Minister Sergei Tsivilev said in November 2024 that Russia is discussing the possibility of Russian companies participating in a project to modernize a refinery in Pakistan, according to Pakistan&rsquo;s Ministry of Energy. He stated that the two countries would continue cooperation in hydrocarbon exploration and development. Aurangzeb identified energy, oil and gas, minerals, and mining as the main areas of trade potential. He noted Pakistan&#39;s interest in a steel plant project, noting that the country&#39;s previous large steel facility was built with Russian support. He stated that Pakistan aims to attract foreign investment by ensuring macroeconomic stability. The country&#39;s foreign exchange reserves now &ldquo;cover imports for two and a half months&rdquo; and are &ldquo;approaching a three-month&rdquo; indicator. Aurangzeb also said Pakistan is an active member of the Shanghai Cooperation Organization and has expressed interest in joining BRICS. He mentioned that Pakistan was studying alternative payment systems as relations with BRICS develop. Pakistan&#39;s Minister for Petroleum, Ali Pervez Malik, has held meetings with heads of Gazprom and ROSGEO to boost cooperation during his visit to Russia for the 14th St Petersburg International Gas Forum in October 2025. Both sides agreed to improve the partnership between Pakistan&#39;s state-owned Oil and Gas Development Company Limited and Gazprom. Similarly, the 10th session of the Russian-Pakistani Intergovernmental Commission focused on expanding trade, easing customs barriers, and advancing new joint projects. Russian Consul-General Andrey V. Federov said in July that Russia seeks to double the volume of bilateral trade with Pakistan.

Economy

Finance Minister Muhammad Aurangzeb says Pakistan is pursuing Russian oil and gas exploration agreements and refinery modernization, as bilateral trade surges, driven by discounted oil imports and cooperation.

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Iran war and oil dominate BRICS meet in India

Pakistan in talks with Russia on oil sector agreement: Finance minister