Iran to Join BRICS Bank, Seeking Relief as Trump Threatens 25% Tariffs

3 articles · Updated · CNBC · Aug 13

Abdolnasser Hemmati said Iran will soon join the BRICS New Development Bank, a step that would let Tehran seek funding for transport, sanitation, digital infrastructure and urban development.
The move comes nearly six months into Iran's war with the U.S. and Israel, with sanctions and conflict driving inflation higher, crushing growth and sending the currency into freefall.
Hemmati, in India ahead of next month's BRICS summit, said Iran is also pursuing bilateral and trilateral monetary cooperation with member states, though Tehran must still complete the bank's accession process.
Trump has threatened 25% tariffs on goods imported to the U.S. from any country that buys Iranian goods or services, underscoring the geopolitical risk around Iran's deeper BRICS ties.
China already anchors that strategy: it is Iran's biggest trading partner and bought more than 80% of Iran's shipped oil in 2025, according to Kpler.