Abdolnasser Hemmati used a BRICS meeting in Jaipur on Wednesday to press for practical financial cooperation and said Iran is ready to expand its engagement with the New Development Bank. Speaking at the opening session of the BRICS finance ministers and central bank governors’ meeting, he framed the message as a push to turn talk into action.
Hemmati thanked the Indian government and central bank for hosting the gathering, then said BRICS will have the greatest impact when it can turn policy dialogues into practical initiatives and operational mechanisms. He said Iran supports initiatives that can reduce the cost and risks of transactions, facilitate the use of national currencies and bring payment infrastructures among member states closer together.
The comments matter now because Iran is using a BRICS platform to argue for deeper financial integration at a moment when access to payment channels and development finance carries obvious weight. Iran has maintained active participation in the BRICS framework since joining the group, and its central bank has contributed to specialized working groups on cross-border payments, the use of national currencies, financial technologies, cybersecurity, artificial intelligence and sustainable finance.
Hemmati also described the New Development Bank as one of BRICS' most important institutional achievements, a sign that Tehran sees the lender as more than a symbol. In the same breath, he said economic and financial stability cannot be achieved without peace, respect for international law and adherence to the principles of the UN Charter, putting financial cooperation alongside a wider political message.
That is where the friction sits. Iran is asking for practical cooperation and access to the New Development Bank while also tying any durable stability to peace and respect for international law amid US-Israeli military aggression against its sovereignty and territorial integrity. The request for closer financial ties is forward-looking; the security backdrop is immediate.
On the sidelines of the meeting, Hemmati spoke with Dilma Rousseff, who described Iran's participation in the New Development Bank as important and highlighted Iran's role and potential in expanding regional and international cooperation. The two sides said expert-level consultations should continue on Iran's membership in the New Development Bank and its access to the bank's facilities, which leaves the next step in the hands of the bank's members and their technical process rather than in the meeting hall in Jaipur.
