Iran Says It Is Working to Overcome Obstacles to BRICS Bank Membership

Iranian Foreign Minister Abbas Araghchi said the Islamic Republic is working to remove obstacles preventing it from joining the BRICS New Development Bank, according to a report by IRNA, Iran's state news agency.

Araghchi highlighted what he described as growing global attention to the use of national currencies in trade and financial transactions, IRNA reported, though the minister did not specify the exact nature of the obstacles to membership or provide a timeline for resolving them.

The New Development Bank, established by BRICS member states, was created as an alternative financing institution to Western-dominated multilateral lenders such as the World Bank and the International Monetary Fund. Iran has sought closer ties with the BRICS bloc, which includes Brazil, Russia, India, China and South Africa among other members, as part of broader efforts to expand economic partnerships outside traditional Western-aligned institutions.

IRNA's report did not detail specific technical, financial, or political requirements Iran must meet to secure membership in the bank. Further details on the negotiations or the scope of the obstacles were not immediately available.