The decision is aimed at enhancing commercial and economic relations between Russia and Iran, as well as catering to the demand for banking services within Iran.
The new branch will be the first Russian bank to establish a presence in Iran.
Its operations in Tehran are expected to mitigate the challenges of international settlements for both countries and facilitate the use of trade and export financing tools for businesses engaged in Tehran-Moscow exchanges.
VTB Bank has stated that the branch’s direct opening is contingent upon approval from relevant Iranian financial authorities, which is anticipated by the end of 2025.
The bank has already reached an agreement with the Central Bank of the Russian Federation to proceed with the plan.
The Tehran branch will initially serve the foreign economic activities of Russian and Iranian companies and provide banking products and settlement processes in interactions with Iran.
Prioritizing national currency settlements and financing trade and export development projects will be its main focus.
