The CEO of Bank Melli Iran, the biggest state-owned lender, said it has signed a deal with Russia’s government-controlled Sberbank.
“I was in Moscow at the invitation of the CEI of Sberbank as the biggest bank of Russia. We signed a memorandum of understanding and contracts,” Mohammad Reza Farzin said in a note, without providing details, IRNA reported.
Farzin said he participated in the opening of a trade center that will facilitate commerce between Iranian and Russian fisrms.
The report came a few days after a visit by the Governor of Central Bank of Iran Ali Salehabadi to Moscow. During his tour earlier in the month, Salehabadi discussed ways to maintain sustainable economic collaboration by expanding bilateral banking and financial relations.
“There is a political will on both sides to expand economic relations,” he said on the sidelines of his tour, adding that the agreements will soon come into effect and businesses on both sides will see the results.
Iran and Russia are targets of tough US and western economic sanctions.
Tehran and Moscow have stepped up efforts to boost their economic ties particularly after Russia came under tough western sanctions because of its military invasion to Ukraine.
The United States has targeted a broad range of businesses in Iran, from the key oil industry to the auto sector, trade in gold and precious metals, shipping, and more importantly banking relations with the outside world.
