Economy, Business And Markets

Joint Bank Planned With Russia

Joint Bank Planned With RussiaJoint Bank Planned With Russia

A delegation from Iran will visit Moscow before November 12 to set up a joint bank with Russia, Russia’s Energy Minister Alexander Novak said in an interview aired by the Rossiya-24 TV news channel on Friday.

“This is no new idea. A Russian-Iranian bank existed in Soviet times though it was later liquidated. All details will be discussed after a principal decision is made. For now we’ve agreed that Iran’s delegation will visit Moscow for discussing all details and issues related to its location,    conditions of work, and equity capital. Separate talks will be held in the nearest future when a delegation comes to Moscow,” the Minister said.

The TASS news agency reported earlier Russia and Iran reached a principal agreement regarding setting up a joint bank. Iran’s central bank made an announcement on Thursday saying the sides had agreed to set up a joint bank for the purpose of easing two-way financial transactions.

The two Caspian neighbors have also discussed prospects of Iran’s accession to the Eurasian Development Bank, which comprises Russia, Kazakhstan, Armenia, Tajikistan, Belarus and Kyrgyzstan.