Iran to Join New BRICS New Development Bank

Iran is set to gain entry into the New Development Bank, the multilateral lending institution founded by the BRICS bloc, as Tehran seeks to establish alternative financial channels outside the dominance of the U.S. dollar.

Central Bank Governor Abdolnaser Hemmati announced the upcoming accession ahead of a BRICS financial summit hosted by India.

The move marks a key step in Iran's efforts to deepen its integration within the economic alliance following its full admission to the group in 2024.

"The most important result of cooperation among BRICS member countries is the establishment of the New Development Bank, and our country will soon become a member of this bank," Hemmati said, according to state media.

Membership Not Yet Confirmed

The New Development Bank (NDB) has not confirmed Iran's membership. A bank spokesperson told CNBC that it cannot confirm information about Iran's accession, noting that NDB membership is open to United Nations members, both borrowing and non-borrowing. Iran would still have to move through the bank's accession process before it can become an official member.

Hemmati met NDB President Dilma Rousseff on the sidelines of the BRICS finance ministers and central bank governors' meeting in Jaipur, India, according to Iran's Tasnim news agency. Rousseff described Iran's participation as important, and the two sides agreed to continue expert-level consultations on Iran's membership and its access to the bank's facilities.

Sanctions and War Shape Tehran's Push

Tehran remains under comprehensive U.S. and international sanctions while engaged in active conflict involving Washington and Israel.

These pressures have heightened Iran's push to secure shareholding status in the multilateral lender and expand non-dollar trade frameworks.

Iran has been at war with the United States and Israel for almost six months, according to CNBC, and has not reached a peace deal. Addressing the opening session in Jaipur, Hemmati said economic and financial stability cannot be achieved without peace and respect for international law. The war has also split the bloc: see how BRICS stays divided over the U.S.-Israel war on Iran under India's chairmanship.

Joining the bank would make Iran eligible to seek financing for projects in areas such as transport, sanitation, digital infrastructure and urban development, CNBC reports.

What the New Development Bank Does

Established in 2015 by Brazil, Russia, India, China, and South Africa, the New Development Bank funds infrastructure and sustainable growth initiatives across emerging markets.

The institution has previously broadened its roster beyond its founding members to include nations such as Egypt and the United Arab Emirates.

The bank recently welcomed Uzbekistan as its tenth member country, which officially joined on June 5, 2026. Uruguay, Colombia, Ethiopia, Angola and Zimbabwe are listed as prospective members, according to CNBC.

The wider BRICS group was set up by Brazil, Russia, India and China, with South Africa joining in 2010. It has since expanded to include Iran, Egypt, Ethiopia, Saudi Arabia, the United Arab Emirates and Indonesia, while countries such as Belarus, Cuba and Nigeria participate as partners. Earlier, BRICS leaders condemned the strikes on Iran, and Trump has threatened 10% tariffs tied to the bloc.

Local-Currency Trade

Attendance at the India-hosted gathering of BRICS finance ministers and central bank governors highlights Tehran's focus on local-currency trade.

Member states have increasingly prioritized bilateral and multilateral monetary arrangements to minimize exposure to the greenback.

Hemmati emphasized that Iran favors conducting commercial transactions using domestic currencies among BRICS partners, confirming that Tehran is actively pursuing bilateral and trilateral monetary agreements across the bloc.

Hemmati told the meeting that Iran has taken part in BRICS working groups on cross-border payments, national currencies, financial technology, cybersecurity and sustainable finance, and said he supports initiatives that lower the cost and risk of transactions.