Iran Targets New Development Bank Membership to Bypass Sanctions

Tehran's move aligns with its broader strategy to reduce reliance on the dollar-dominated global financial system. Since joining BRICS in 2024, Iran has consistently signaled its intent to become a shareholder in the lender, which was founded in 2015 by Brazil, Russia, India, China, and South Africa. While the NDB has expanded its reach to include nations like the United Arab Emirates and Egypt, its communications division has not yet confirmed Iran's specific timeline for entry.

Hemmati is currently attending meetings in India to advocate for increased bilateral and trilateral monetary cooperation. By promoting trade in national currencies, Iran aims to insulate its economy from the impact of long-standing Western restrictions. The NDB, which recently welcomed Uzbekistan as its 10th member, remains a critical vehicle for emerging economies seeking to finance infrastructure projects outside of traditional Western-led institutions.