Amid heightened tensions from the Israel-Iran-US conflict, global stock markets have plunged for two consecutive days, with Asian indices like Hong Kong’s Hang Seng and Japan’s Nikkei hitting yearly lows. The geopolitical spotlight has turned to India as it chairs the 2026 international summit, while key BRICS founding members—Brazil, Russia, China, and South Africa—have issued statements supporting Iran and condemning the strikes. India, a key BRICS nation, has not provided an official stance on the recent escalation but has previously condemned Iranian actions and engaged with Israeli leadership.
The ongoing Israel-Iran-US conflict has caused significant turmoil in global financial markets. Stock indices worldwide have plunged for two consecutive days.
Asian markets were the worst hit, with major indices like Hong Kong’s Hang Seng and Japan’s Nikkei falling to yearly lows. India’s Sensex and South Korea’s KOSPI also experienced sharp declines.
The situation has placed India in focus as it prepares to chair a major 2026 international summit in New Delhi. Within the BRICS bloc, founding members have largely sided with Iran.
Brazil issued an official statement stating the attacks occurred amid a negotiation process, which it views as the only viable path to peace. “The attacks occurred amid a negotiation process between the parties, which is the only viable path to peace, a position traditionally defended by Brazil in the region.”
Russia also supported Iran, calling the strikes a premeditated act of aggression. “The US and Israel have embarked on a perilous course… It’s a deliberate, premeditated, and unprovoked act of armed aggression against a sovereign and independent UN member state.”
China called the strikes a grave violation of sovereignty and international law. “A grave violation of Iran’s sovereignty and security. It tramples on the purposes and principles of the UN Charter… China firmly opposes and strongly condemns it.”
South Africa published an official statement urging restraint and adherence to international law, referencing Article 51 of the UN Charter. “President Ramaphosa calls on all parties to exercise maximum restraint… Article 51 of the UN Charter provides for self-defence only when a state has been subjected to an armed invasion.”
India has not issued an official statement regarding this specific escalation. On March 1, India condemned Iran’s airstrike on the UAE, and Prime Minister Narendra Modi spoke with Israel’s Benjamin Netanyahu.
