KAZAN: Iran has expressed a strong willingness to collaborate with the BRICS bloc in the banking sector, aiming to fortify the New Development Bank (NDB) and enhance infrastructure development among member countries. Iranian President Masoud Pezheshkian made this announcement during the BRICS Heads of State Summit in Kazan, Russia, highlighting Iran’s commitment to engaging in economic and trade relations with the bank.

According to Trend News Agency, President Pezheshkian emphasized the increasing global recognition of BRICS as a key player in facilitating trade exchanges through national currencies. He noted that BRICS is focused on the adoption of cryptocurrencies and the development of new financial mechanisms as part of its major objectives.

Pezheshkian also addressed the issue of economic sanctions, which have historically impacted a limited number of nations but now pose significant challenges for millions of people globally. He reiterated BRICS’s longstanding opposition to economic embargoes and ca
lled for practical measures to prevent countries from imposing sanctions on others in the future.

BRICS, an intergovernmental organization established in 2006, is currently chaired by Russia, having taken on the role on January 1, 2024. The organization comprises Russia, Brazil, India, China, South Africa, Egypt, Ethiopia, Iran, the UAE, and Saudi Arabia. The ongoing 16th BRICS Summit, held in Kazan from October 22-24, operates under the theme “Strengthening Multilateralism for Just Global Development and Security.”