By John Meyer, consultant in financial affairs – Eurasia Business News, August 14, 2026. Article No 3095
Iran is preparing to join the New Development Bank, the financial institution created by the BRICS group, as Tehran seeks to deepen economic and monetary ties with emerging-market partners. Central Bank of Iran Governor Abdolnasser Hemmati announced the plan during a visit to India for a meeting of BRICS finance ministers and central-bank governors.
Hemmati said Iran would soon become a member of the BRICS development bank and described the institution as the most important outcome of cooperation among BRICS countries. Iranian state media reported that Tehran is also pursuing bilateral and trilateral monetary cooperation with other member states.
Iran Seeks Greater Financial Cooperation
Iran joined BRICS in 2024 during the group’s expansion, alongside several other emerging economies. Membership of the bloc has given Tehran a platform for strengthening ties with countries including China, Russia, India, Brazil and South Africa.
Hemmati said Iran was seeking closer cooperation in monetary, banking and digital-economy sectors. Iranian officials have also expressed interest in increasing the use of national currencies in cross-border trade and developing alternative payment mechanisms.
The initiative reflects Iran’s broader effort to reduce its dependence on Western financial institutions and limit the impact of US sanctions. Access to BRICS-related financial structures could support trade, infrastructure investment and cooperation with countries willing to conduct transactions outside the US dollar-based financial system.
However, joining the New Development Bank would not automatically remove Iran from the global sanctions system or guarantee access to unrestricted financing.
U.S. President Donald Trump, who has previously labeled BRICS policies “anti-American,” has threatened to slap 25% tariffs on goods imported to the U.S. from any country that directly or indirectly purchases goods or services from Iran.
What Is the New Development Bank?
The New Development Bank was established in 2015 by Brazil, Russia, India, China and South Africa to finance infrastructure and sustainable-development projects in emerging economies. Its lending areas include transport, clean energy, water and sanitation, digital infrastructure and urban development.
The bank has since expanded its membership beyond the original BRICS countries. The United Arab Emirates and Egypt are among its members, while Uzbekistan officially joined in June 2026, becoming the institution’s tenth member, according to the bank.
NDB membership is open to United Nations member states, including both borrowing and non-borrowing countries. Prospective members must still complete an accession process before their membership becomes official.
The bank has not independently confirmed that Iran’s accession is complete. An NDB spokesperson said the institution could not confirm the information regarding Iran’s membership, indicating that consultations and formal procedures may still be underway.
Strategic and Economic Significance
For Iran, NDB membership could provide access to a new source of development financing and reinforce its economic links with non-Western powers. Potential projects could involve transport corridors, energy, water systems, telecommunications and urban infrastructure.
Iran’s participation could also strengthen BRICS discussions on cross-border payments, financial technology, cybersecurity, artificial intelligence and sustainable finance. Hemmati said Iran had already been active in some BRICS central-bank working groups focused on these issues.
The announcement comes as BRICS seeks to expand its institutional role in global finance. Iran’s possible entry would increase the group’s geopolitical weight and underline its ambition to create alternatives to Western-led economic structures.
Nevertheless, practical benefits will depend on the terms of accession, the bank’s willingness to finance projects in Iran and the ability of international lenders and contractors to manage sanctions-related risks. For now, Iran’s planned membership represents an important diplomatic and financial step toward deeper BRICS integration.
Our community already has nearly 300,000 readers!
Subscribe to our Telegram channel
Follow us on Telegram, Facebook and Twitter
© Copyright 2026 – Eurasia Business News. Article no. 3095
Eurasia Business News 