Major Russian Bank Opens Branch In Iran For First Time

Major Russian Bank Opens Branch In Iran For First Time

Russia’s VTB Financial institution, the nation’s second largest, opens a department in Iran, as the 2 nations step up their monetary cooperation within the face of Western sanctions.

Alireza Peyman, who heads Iran’s Commerce Promotion Group, introduced the information in a tweet on Tuesday, saying the VTB Financial institution is the primary ever Russian financial institution to supply providers inside Iran.

VTB Financial institution, he added, will promote “commerce transparency” and play an efficient position in transferring a part of the international alternate earnings to the banking community.

In December 2022, VTB Financial institution introduced the launch of a brand new service permitting each people and companies to switch cash to and from Iran.

Denis Valvachyov, vice chairman of the financial institution, stated again then that the measure would strengthen financial cooperation and enhance tourism between the 2 nations.

Each Russia and Iran have been hit by harsh financial sanctions by the Western nations.

To avoid the bans, the 2 sides have been taking steps to broaden commerce based mostly on nationwide currencies and bartering.

Tehran and Moscow additionally say they’re mulling over inking long-term cooperation agreements.

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