Tehran, Iran, January 25
By Mehdi Sepahvand -- Trend:
As Iran is freed of international sanctions, the country's banking system has made new arrangements with Russia to start cooperation against the backdrop of prospective booming bilateral trade in the post-sanctions era.
Russia's Tempbank is going to open an agency in Iran in two months, said Mina Mehrnoosh, CEO for Planning at Iran's Trade Development Organization.
Mehrnoosh who is in Moscow, leading a trade and banking delegation, said Russian banks are also ready to open LCs for Iran, Tasnim news agency reported January 25.
She added that Mir Business Bank, Bank Melli of Iran's agent, is also going to boost its activities in Russia.
In meetings with Russian counterparts, Mehrnoosh and her colleagues also discussed opening accounts for Iranian companies without the companies' representatives having to travel to Russia.
Tempbank has a record of relations with Iran's Bank Hekmat, while Russian Financial Corporation Bank is in cooperation with Iran's Bank Saderat.
Various sectors such as industrial, oil, trade, energy, and aviation are hoped to provide grounds for the two countries to improve their annual turnover of $2 billion to the target $10 billion in the near future.
Before it plunged to $2 billion due to sanctions, Iran-Russia's trade turnover was $4 billion in 2013.