A branch of the Russian Tempbank will open in Qeshm Island to help facilitate bilateral commercial and economic ties between Iran and Russia, the CEO of Tempbank announced. The Russian bank had said in February it would launch a corresponding office in Tehran. Mikhail Gagloev in a meeting with Hamidreza Momeni, managing director of Qeshm Free Trade Zone said “Economic and commercial relations between Iran and Russia is important,” the banker.ir website reported on Thursday. Momeni, also welcomed the move, saying the Russian bank in the Persian Gulf island could help pave the way for promoting foreign investments in Iran. He noted that the island’s economic growth is tied to the presence and performance of foreign banks and insurance companies. He said “Russia was Iran’s loyal friend” during the sanctions years. “Giving priority (preferential status) to countries that maintained their (normal trade) relations with Iran during the sanctions years is a key strategy of the Islamic Republic during the post-sanctions era.”
