Iran has announced its decision to join the BRICS New Development Bank (NDB), signaling a growing movement among emerging economies to reduce reliance on the U.S. dollar.
According to Abdolnaser Hemmati, governor of Iran’s central bank, the country will become an NDB member ahead of a BRICS finance ministers’ meeting in India. The NDB, established in 2015 by Brazil, Russia, India, China, and South Africa, focuses on financing infrastructure and sustainable development projects.
“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 stated in announcing the decision.
Iran’s membership aligns with BRICS’ broader goal of diminishing U.S. dollar dependence. The move could provide Iran with alternative financial channels as it navigates ongoing U.S. sanctions amid the Iran war. This step reflects Iran’s deepening economic alignment with China and Russia, underscoring a shift toward multipolar economic cooperation.
A historical note from 2025 reveals then-President Donald J. Trump had threatened an additional 10% tariff on BRICS-aligned countries: “Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy.”
