Iran Announces Plans to Join BRICS New Development Bank Amid Ongoing Sanctions

He made the statement while attending the BRICS finance ministers and central bank governors meeting in India, which holds the rotating chairmanship this year.

Iran's Central Bank Chief Signals Intent to Join BRICS New Development Bank, Accelerating De-Dollarization Financial Network — BigGo Finance

Iran joined the BRICS bloc in 2024 as part of the group’s expansion, seeking to deepen economic ties with emerging economies. The country remains under extensive U.S. and international sanctions and is engaged in an armed conflict with the United States and Israel. These pressures have intensified Tehran’s drive to secure alternative financial channels outside the dollar-based system, including bilateral agreements with Russia and efforts to use national currencies in trade.

Iran to Join BRICS Development Bank, Central Bank Chief Says Al MonitorReutersIran's Central Bank Chief Signals Intent to Join BRICS New Development Bank, Accelerating De-Dollarization Financial Network — BigGo Finance

• NDB capital: The bank was launched in 2015 with $100 billion in authorized capital to finance infrastructure and sustainable-development projects.

Iran's Central Bank Chief Signals Intent to Join BRICS New Development Bank, Accelerating De-Dollarization Financial Network — BigGo Finance

• Membership growth: Originally founded by Brazil, Russia, India, China and South Africa, the NDB has added the United Arab Emirates, Egypt, Bangladesh, Algeria, Uzbekistan and others. Uzbekistan became the 10th member on June 5.

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• Iran’s wartime costs: Analysts estimate that Iran’s infrastructure damage from the ongoing war exceeds $270 billion, a figure that dwarfs the NDB’s total capital.

Al Monitor

• He also noted Iran’s active participation in BRICS working groups on cross-border payments, national currencies and financial technology.

Al Monitor

• The NDB’s corporate communications division told Reuters it could not confirm Iran’s membership at the time of the announcement, indicating that formal admission procedures remain pending.

Reuters

Joining the NDB would give Iran an additional avenue for infrastructure financing and investment from emerging markets, potentially reducing reliance on Western-dominated financial institutions. It also signals Tehran’s intent to embed itself within a non-Western financial architecture that promotes the use of national currencies for trade, thereby mitigating some effects of sanctions. However, the bank’s development-focused mandate and limited capital mean that membership alone is unlikely to cover the massive reconstruction needs arising from the war.

Al Monitor

• Membership confirmation: While Iranian officials assert that admission is imminent, the NDB has not publicly verified the claim, leaving the exact timeline and conditions of Iran’s entry unclear.

Al Monitor

• Project pipeline: No specific NDB-backed projects for Iran have been announced, and the bank’s capacity to finance large-scale reconstruction under sanctions constraints remains uncertain.

Al Monitor

• “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,” — Abdolnaser Hemmati, central bank governor

Reuters

• “We are seeking to establish bilateral and trilateral monetary cooperation with member states,” — Abdolnaser Hemmati, central bank governor

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• “BRICS will have the greatest impact when it can turn policy dialogues into practical initiatives and operational mechanisms,” — Abdolnaser Hemmati, central bank governor

Al Monitor