Tehran seeks financing access through BRICS Bank as economic isolation deepens during prolonged conflict with Western nations.
Iran will apply for membership in the BRICS New Development Bank, its central bank governor announced Thursday. The move comes nearly six months into heightened tensions with the US and Israel, which have tightened economic sanctions on Tehran.
The BRICS Bank, established in 2015 by Brazil, Russia, India, China, and South Africa, funds infrastructure and sustainable development projects in emerging markets. Iran would join current prospective members Uruguay, Colombia, Ethiopia, Angola, and Zimbabwe in seeking accession.
Central Bank Governor Abdolnasser Hemmati said Iran aims to expand monetary cooperation with BRICS nations, including bilateral and trilateral agreements. The bank has not commented on Iran’s potential membership.