To hold another round of talks with the Central Bank of the Russian Federation, a delegation from the Central Bank of Iran (CBI) travelled to Russia on March 11-12 to finalize monetary agreements.
Tehran and Moscow have been negotiating to find solutions that could help them replace the US dollar with their own currencies in bilateral trade, a move that both nations hope will help minimize consequences of banking sanctions by the United States and European Union.
Among other issues raised during the talks were the ways to expand business cooperation, according to news website Banker.
Russia has already formed a workgroup to put forth viable mechanisms and solutions to banking problems impeding the development of relations between the two countries, the website said, citing Russian officials.
The Iranian delegation was also asked to form a similar workgroup so that future talks could be resumed in Tehran, it added.
"The experience of using a joint account between the two countries has been very constructive as payment processes for bilateral trade have been eased," said Iran's Ambassador to Moscow Mehdi Sanaei.
Further he said that with the assiduous efforts of both sides, mutual economic relations will soon develop extensively.
During the talks, a memorandum of understanding (MoU) was signed with a focus on financial and banking cooperation.
Additionally, Russian banking officials, whose banks were eager to collaborate with Iran, also met with the Iranian delegation. The series of meetings were assessed as "highly productive" by the Iranian party.
