Two Iranian Banks to Launch Branch Offices in Russia

TEHRAN (Tasnim) – Two Iranian banks plan to launch offices and branches in Russia, a Central Bank of Iran (CBI) official announced on Thursday.

“Fortunately some good developments are taking place. We hope to announce news of the inauguration of the representative office and branch in Russia for at least two Iranian commercial banks in future,” Mohsen Karimi CBI’s Deputy Governor for International Affairs said.

The announcement came a day after Russia’s second-largest bank VTB opened a representative office in Iran, Press TV reported.

Iranian officials stated that VTB is the first Russian bank to have direct representation in Iran, expressing hope that the bank’s office in Tehran would improve transparency in Iran’s international banking relations and enhance trade and transaction capabilities for Iranian and Russian businesses.

Karimi said VTB’s decision to set up an office in Tehran is in line with its policy to identify opportunities for investment and commercial activities in Iran.

He said Iran’s CBI has been pushing Iranian banks in recent months to do the same and try to seize economic opportunities existing in the Russian lucrative market.

According to the report, Iran and Russia have expanded their trade and energy ties since February 2022, when Russia faced Western sanctions due to the war in Ukraine.

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