Iran Looks to Ramp up Economic Alliance with BRICS Nations as War with U.S. Drags On
The move would give Tehran access to financing for infrastructure and development projects as sanctions and war strain the economy, officials said.
- On Thursday, Central Bank of Iran Governor Abdolnasser Hemmati announced Iran will soon join the BRICS New Development Bank, aiming to strengthen economic alliances six months into the country's war with the U.S. and Israel.
- Facing longstanding Western sanctions that have severely constrained its economy, Tehran seeks access to international capital. The NDB, established by BRICS, mobilizes resources for infrastructure and sustainable development projects in emerging markets.
- Ahead of next month's BRICS Summit, Hemmati is currently in India to advance Iran's goals. "We are seeking to establish bilateral and trilateral monetary cooperation with member states," he said, per Tasnim News Agency.
- President Donald Trump has threatened to impose 25% tariffs on goods imported from any country that directly or indirectly purchases goods or services from Iran. Trump previously labeled BRICS policies "anti-American."
- Iran must first complete the NDB's formal accession process before becoming an official member. Meanwhile, China remains Iran's largest trading partner, purchasing more than 80% of its shipped oil in 2025.
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Iran Looks to Join BRICS Bank as War Drags On
“Iran is set to join the BRICS New Development Bank, the country’s central bank chief said Thursday, as Tehran seeks to shore up its economic alliances almost six months into its war with the U.S. and Israel,” CNBC reports. “The BRICS alliance was set up in 2006 by founding members Brazil, Russia, India and China, […]
Iran to join BRICS development bank soon, central bank governor Abdolnaser Hemmati says
Iran plans to join the New Development Bank soon. This move comes as the nation faces international sanctions and seeks alternative financial channels. Iran joined BRICS in 2024 and desires shareholder status in the NDB. The bank was established by BRICS nations to finance development projects. BRICS members aim to reduce dollar reliance through national currency transactions.
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