Russian bank in talks with Iran to boost currency exchanges

Finance Materials 27 January 2021 22:32 (UTC +04:00)
Russian bank in talks with Iran to boost currency exchanges

Referring to the growth of Iran-Russia trade relations despite the sanctions, the head of the Russian Embassy's Trade Representation said a Russian bank was in Tehran last week to expand monetary exchanges with the country, Trend reports citing Mehr news.

Making the remarks on Wednesday during the banking interaction panel of the Iran-Eurasia Economic Opportunities Conference, Rustam Ziganshin said Iran and Russia can establish banking relations and continue banking relations, while several Russian banks can join this path.

"Meanwhile, another bank has already started negotiations in Tehran in order to expand the level of cooperation," he added.

"Iran's exports to Russia have grown sharply in recent months and the volume of trade between the two countries has increased; This growth has been in spite of the toughest US sanctions on Iran," he added.

Iran and Russia have been discussing integrating interbank transaction networks in recent past years.

The Central Bank of Iran and commercial banks are sorting out the technicalities for integrating bank cards of the two countries.

Tehran and Moscow have connected their financial messaging services to handle two-way banking transactions.