Iran set to join BRICS New Development Bank, central bank chief says

Iran is set to join the BRICS New Development Bank, the country's central bank chief said Thursday, as Tehran seeks to shore up its economic alliances almost six months into its war with the U.S. and Israel.

The BRICS alliance was set up in 2006 by founding members 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, with various other nations — including Belarus, Cuba and Nigeria — joining as partner countries.

Iranian state media reported Thursday that Abdolnasser Hemmati, governor of the Central Bank of Iran, had announced Iran would soon become a member of the BRICS bank. Hemmati is currently in India ahead of next month's BRICS summit, according to Iran's Tasnim News Agency.

"We are seeking to establish bilateral and trilateral monetary cooperation with member states," Hemmati said, according to Tasnim's report.

The NDB was established by Brazil, Russia, India, China and South Africa to help mobilize resources for infrastructure and sustainable development projects in emerging markets and developing countries.

A spokesperson for the NDB told CNBC the bank cannot confirm information regarding Iran's membership.

"NDB membership is open to members of the United Nations. The Bank's membership is open to borrowing and non-borrowing member countries," they said. "NDB recently welcomed Uzbekistan as its tenth member country, which officially joined the Bank on June 5, 2026."

Iran would have to move through the NDB's accession process before it can become an official member country. Current prospective members are Uruguay, Colombia, Ethiopia, Angola and Zimbabwe.

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

Long-standing sanctions on Iran have severely constrained its access to international capital, particularly from Western financial institutions and markets. The war with the U.S. and Israel has further ramped up the pressure on the Iranian economy, with inflation surging, growth plummeting and its currency in free fall.

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.

CNBC reached out to the White House for comment on Iran joining the BRICS bank.

China is Iran's biggest trading partner, according to the World Bank's most recent data. In 2025, China bought more than 80% of Iran's shipped oil, according to Kpler data.

It is unclear whether that trading relationship has shifted since the U.S.-Iran war began.