Iran is set to join the BRICS New Development Bank, the country’s Central Bank governor Abdolnasser Hemmati announced Thursday, as the nation faces an ongoing war with the United States and Israel that began nearly six months ago. Created by Brazil, Russia, India, China and South Africa, the NDB was established to finance infrastructure and sustainable development projects in emerging markets. International sanctions have severely constrained Iran’s access to Western financial markets, and the war has exacerbated the country’s economic situation with surging inflation, plummeting growth and a currency in freefall. China remains Iran’s largest trading partner, having purchased more than 80% of Iran’s shipped oil in 2025 according to Kpler data. U.S. President Donald Trump has threatened to impose 25% tariffs on imports from any country that directly or indirectly trades with Iran.
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