Iran Says It Will Soon Join BRICS-Backed New Development Bank

Iran is set to become a member of the New Development Bank, the financial institution created by the BRICS group, according to the head of the country's central bank. The announcement was made ahead of a meeting of BRICS finance ministers in India, where Iran is taking part in the bloc's first gathering of finance ministers and central bank governors. The development adds a new financial dimension to Iran's growing engagement with BRICS at a time of continued sanctions pressure.

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The central bank chief, Abdolnaser Hemmati, said in remarks carried by state media that Iran would "soon become a member" of the bank. The New Development Bank was established in 2015 by Brazil, Russia, India, China and South Africa to finance infrastructure and sustainable development projects. It has since widened its membership to include the United Arab Emirates, Egypt and other emerging economies.

Iran joined BRICS in 2024, when the bloc expanded its membership. Since then, Tehran has signalled that it wants not only to deepen political ties with the group but also to become a shareholder in the bank. The move comes as Iran remains under broad US and international sanctions, which have limited its access to the global financial system and reinforced its search for alternative channels outside the dollar-based order.

The timing is significant because BRICS members have been trying to reduce reliance on the US dollar by encouraging trade and financial transactions in national currencies. For Iran, participation in a BRICS-linked development bank could offer a route to broader financial cooperation, even if the practical impact depends on the terms of membership and the bank's internal approval process. It also reflects the bloc's wider effort to present itself as a platform for emerging economies seeking more autonomy in global finance.

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The announcement also comes against the backdrop of Iran's strained relations with the United States and Israel, and the absence of any peace agreement to end the current conflict referenced in the report. That context helps explain why Tehran is pressing ahead with efforts to build financial links beyond Western institutions. The New Development Bank, meanwhile, has become one of the most visible symbols of BRICS' attempt to create parallel economic structures.

What remains unclear is the exact timetable for Iran's formal entry, the size of any stake it may receive, and whether all procedural steps have been completed. It is also not yet clear how the bank's existing members will manage Iran's accession under sanctions constraints. The next key moment will be the BRICS finance ministers' meeting in India, where the broader direction of the bloc's financial cooperation is expected to be discussed.

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