Iran remains under sweeping US and international sanctions, and it has yet to reach a peace deal to end the current conflict with the US and Israel, giving Tehran added incentive to seek alternative financial channels outside the dollar system.
Familiar faces: Heads of state and government of member, partner and external engagement countries pose for a family photo during the BRICS Summit in Rio de Janeiro, Brazil, on July 7, 2025. (AFP/Pablo Porciuncula)
Iran will soon join the New Development Bank, the development lender established by the BRICS group of nations, central bank governor Abdolnaser Hemmati said in a state media report published on Wednesday ahead of a BRICS finance meeting in India.Iran remains under sweeping US and international sanctions, and it has yet to reach a peace deal to end the current conflict with the US and Israel, giving Tehran added incentive to seek alternative financial channels outside the dollar system.
Iran joined BRICS in 2024 as the group expanded, in a move aimed at deepening economic ties among emerging economies, and it has since made clear its desire to become a member and shareholder of the NDB.
The bank was set up by Brazil, Russia, India, China and South Africa in 2015 to finance infrastructure and sustainable development projects. It has since expanded its membership to include the United Arab Emirates, Egypt and other emerging economies.
