Iran's BRICS New Development Bank Bid: Economic Refuge Seeking Under U.S. Tariff Pressure

Iran is moving to join the BRICS New Development Bank (NDB) as it seeks to fortify its economic independence amid its ongoing war with the U.S. Central Bank Governor Abdolnasser Hemmati announced Iran's impending membership ahead of next month's BRICS summit in India. Hemmati stated the country is working on bilateral and multilateral monetary cooperation with member states. The NDB, established in 2014, currently has 10 members. Iran is not yet an official member and must complete the accession process. Membership would grant Iran access to financing for projects in transportation, sanitation, digital infrastructure, and urban development. Iran's prolonged war with the U.S. and decades of U.S. sanctions have severely restricted its access to international capital. The U.S. has threatened to impose 25% tariffs on goods imported to the U.S. from countries that directly or indirectly purchase goods or services from Iran. China remains Iran's top trading partner, accounting for 80% of Iran's exported oil in 2025. The impact of this trade relationship since the U.S.-Iran war began remains unclear.