Russia’s VTB Bank, the country’s second largest, opens a branch in Iran, as the two countries step up their financial cooperation in the face of Western sanctions.
Alireza Peyman, who heads Iran’s Trade Promotion Organization, announced the news in a tweet on Tuesday, saying the VTB Bank is the first ever Russian bank to offer services inside Iran.
VTB Bank, he added, will promote “trade transparency” and play an effective role in transferring part of the foreign exchange earnings to the banking network.
In December 2022, VTB Bank announced the launch of a new service allowing both individuals and businesses to transfer money to and from Iran.
Denis Valvachyov, vice president of the bank, said back then that the measure would strengthen economic cooperation and boost tourism between the two countries.
Both Russia and Iran have been hit by harsh economic sanctions by the Western countries.
To circumvent the bans, the two sides have been taking steps to broaden trade based on national currencies and bartering.
Tehran and Moscow also say they are mulling over inking long-term cooperation agreements.
The Organization of Islamic Cooperation’s conference kicks off in Gambia’s capital Banjul.
A group of mourners took to Imam Reza’s shrine in the northeastern Iranian city of…
An Israeli military incursion into Gaza's southern city of Rafah could lead to a "bloodbath",…
The Ukrainian government is angering its citizens living abroad by its attempts to pressure them…
The level of water in the Zrebar Lake in western Iranian city of Marivan has…
The United Nations has issued a stark warning on the potential consequences of an Israeli…