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FinancialNews
18-05-23
Tehran witnesses opening of Russia’s second largest bank in nation
(MENAFN) Russia’s VTB Bank, the nation’s second-biggest bank, has established an official office in Tehran, as the two nations progress their economic collaboration in the face of Western restrictions.
As mentioned by the chief of Iran’s Trade Promotion Organization (TPO) Alireza Peyman-Pak, this is the initial Russian bank that has opened officially in Iran and the presence of this bank could have a massive positive effect on the two nations’ economic trades.
Iran and Russia have been growing their financial relations as the two restricted countries take new measures for growing collaboration in the energy industry and rising settlements in national currencies.
At beginning of February, Russian Deputy Foreign Minister Andrey Rudenko informed Interfax that the two nations are actively collaborating in banking and are preparing to ramp up the stake of national currencies in joint settlements.
"We are continuing to work with Iran while promoting trade transactions in national currencies. The share of such settlements exceeded 60 percent in 2021. The positive trend continued last year," Rudenko stated in a meeting with Interfax.
MENAFN18052023000045014228ID1106268928
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