Two Iranian banks are planning to launch offices and branches in Russia, according to a Central Bank of Iran (CBI) official and amid growing trade and business ties between the two countries.
“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,” said Mohsen Karimi, who serves as CBI’s deputy governor for international affairs, on Thursday.
The announcement came a day after Russia’s second-largest bank VTB opened a representative office in Iran.
Iranian officials said the VTB is the first Russian bank to be directly represented in Iran as they expressed hope that the bank's office in Tehran would help boost transparency in Iran's international banking relations while improving 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 market.
Iran and Russia have expanded their trade and energy ties since February 2022 when Russia came under Western sanctions because of the war in Ukraine.