Economy, Business And Markets

New Financial Transit Route With Russia

New Financial Transit Route With RussiaNew Financial Transit Route With Russia

An Iranian bank registered in Russia has been announced as a new financial transit route for transactions between Iran and foreign countries, ISNA reported on Tuesday.

Mir Business Bank was named as the bank ready to provide services and facilitate future financial transfers services from Russia to Iran, Tehran’s Ambassador to Russia Mehdi Sanaie announced.

“Based on the decisions made and also based on banking agreements between the two sides, the Moscow-based bank is ready to provide services and facilitate money transfer from Russia to Iran,” he said. The services would be provided under rules of Russian Central Bank, he said, adding that customers can give their cash to the bank and receive its legal equivalent in Tehran.

The measures aim to encourage Iranian exporters and facilitate transfer of cash obtained from exports to Russia and the republics in the Central Asia and Caucasus.

Mir Business Bank is the only Iranian-founded bank operating in Russia. Prior to its establishment, Bank Melli Iran was operating in Moscow.  The new bank is 100 percent owned by the Iranian government and has a central office in Moscow and another on the Caspian Sea city of Astrakhan.