Iran's central bank governor announced on Thursday that the country is on the verge of joining the BRICS New Development Bank.

Ongoing conflicts with the United States and Israel are intensifying Iran's economic pressures, including soaring inflation, plummeting economic growth, and a continuous free fall of its currency.

On Thursday, Iran's central bank governor stated that the nation is close to becoming a member of the BRICS New Development Bank. As the conflict with the US and Israel has persisted for nearly six months, Tehran is aggressively working to solidify its economic alliances.

The BRICS cooperation mechanism was initiated in 2006 by Brazil, Russia, India, and China, with South Africa formally joining in 2010. The bloc has since expanded, welcoming Iran, Egypt, Ethiopia, Saudi Arabia, the United Arab Emirates, and Indonesia as new members, while Belarus, Cuba, Nigeria, and several other countries participate as partner nations.

According to Iran's Tasnim news agency, Central Bank Governor Abdolnaser Hemmati announced on Thursday that Iran will soon become a member of the BRICS New Development Bank. Hemmati is currently in India preparing for next month's BRICS summit. Tasnim quoted Hemmati as saying, "We are pushing for the establishment of bilateral and trilateral currency cooperation mechanisms with BRICS member states."

The BRICS New Development Bank was established by Brazil, Russia, India, China, and South Africa to raise funds for infrastructure and sustainable development projects in emerging markets and developing countries. A spokesperson for the New Development Bank responded that it could not confirm the news of Iran's membership. The spokesperson said, "All UN member states can apply to join the New Development Bank, and members are divided into borrowing and non-borrowing categories. The bank recently welcomed its tenth member, Uzbekistan, which officially joined on June 5, 2026."

Iran must undergo a complete access review process to become a full member. Current candidate countries in the accession process include Uruguay, Colombia, Ethiopia, Angola, and Zimbabwe. Upon successful membership, Iran will be eligible to apply for financing for projects in areas such as transportation, sanitation, digital infrastructure, and urban development.

Long-term sanctions have severely restricted Iran's access to international capital, particularly from Western financial institutions and markets. The US-Iran conflict has further weighed on the Iranian economy, causing high domestic inflation, significant economic slowdown, and a continuous currency crash. US President Donald Trump has previously described BRICS-related policies as "anti-American" and threatened to impose a 25% tariff on goods from any country that directly or indirectly purchases goods or services from Iran. The White House was contacted for comment on Iran's potential membership in the New Development Bank.

World Bank data shows that China is Iran's largest trading partner. Data from commodity shipping analytics firm Kpler indicates that China absorbed over 80% of Iran's seaborne crude oil shipments in 2025. It remains unclear whether the pattern of bilateral oil trade has changed since the outbreak of the US-Iran conflict.