Russian Bank to Finance Iran-Bound Exports

The Export Development Bank of Iran has signed a deal with Moscow’s Mir Business Bank to finance the import of essential goods from Russia.The contract provides Iran with €10 million, covering the import of medicines, medical equipment and raw materials, among other Russian products, to be repaid in annual or six-month installments at an interest rate of 2.5%. The agent bank will also charge a 2% processing fee, EDBI’s website reported. Moscow has vowed to continue to deepen ties with Tehran despite a US decision to unilaterally withdraw from the 2015 international nuclear accord and impose new sanctions on Iran. Last month, Russian Energy Minister Alexander Novak kept open the possibility of a deal under which Russia would provide goods to Iran in exchange for oil.