Moscow and Tehran have been strengthening ties in the face of Western economic sanctions
Tehran, Iran, May 14, 2023. © Morteza Nikoubazl/NurPhoto via Getty Images
Russia’s second-largest bank VTB has opened a branch in Iran, the country’s Trade Promotion Organization (TPO) announced on Twitter on Tuesday.
VTB is the first ever Russian bank to offer services in the Islamic Republic, according to TPO head Alireza Peyman-Pak.
The majority state-owned bank will promote “trade transparency” and play an effective role in transferring part of the foreign exchange earnings to the banking network, Peyman-Pak added in his tweet.
Last December, VTB launched a service allowing both individuals and businesses to transfer money to and from Iran. It was one of the first Russian banks to be excluded from the SWIFT global payments system over Moscow’s military operation in Ukraine.
READ MORE: Iran’s trade with BRICS countries jumps
Russia and Iran have recently started to deepen their economic and energy ties to counter Western sanctions faced by both countries.
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