Iran could lower the cost of its foreign trade by expanding the use of BRICS payment mechanisms and settling transactions in national currencies, according to Kambiz Mirkarimi, vice chairman of the Iran-Russia Joint Chamber of Commerce. However, he cautioned that adding the rial to the BRICS calculation basket depends on stabilizing the national currency and reforming foreign-exchange rules.
Mirkarimi said Iran’s lack of access to SWIFT remains a major barrier, making transfers risky and expensive. BRICS members are developing alternatives, including BRICS Pay, to reduce reliance on Western financial systems. While a single BRICS currency remains a long-term goal, national currencies can already be used for settlement.
Iran and Russia, both under sanctions, stand to gain most. A centralized BRICS clearing house could resolve bilateral trade imbalances, such as Iran’s surplus imports from Russia, by settling accounts directly between central banks. Yet the rial’s inclusion would require monetary stability. The ruble and yuan are more accepted because they are relatively stable. Domestic obstacles—multiple exchange rates and cumbersome currency regulations—still push traders toward dollar, euro, or third-country channels, even though Iran-Russia rial-ruble infrastructure exists.
Meanwhile, Mohammad Sadegh Ghanadzadeh, deputy head of Iran’s Trade Promotion Organization, said Iran’s annual trade with BRICS reaches about $60 billion, including $23 billion in exports and $37 billion in imports. He argued that membership in BRICS, the Shanghai Cooperation Organization, and the OIC must move beyond political symbolism into concrete projects in trade, transit, payments, and investment. Despite sanctions and war-related transport problems, Iran has maintained its presence in BRICS events. Ghanadzadeh said the group’s share of Iran’s foreign trade is significant, but its economic potential remains underused. Expanding ties with major economies, he added, could create new trade routes and ease pressure from international restrictions.
