Your business with Iran starts from our local connections

 

16. 09. 10
Created: 10 September 2016

As the trade between Iran and Russia picks up, Russian banks are getting ready to increase their cooperation with Iran. During the recent months, meetings between officials of central banks of the two countries has been aiming at facilitating money transactions for the billion-dollar contracts of Iran and Russia.

Currently, Bank Melli Iran's subsidiary, MIR Business Bank, is the only presence of the Iranian banks in Russia and there are no Russian bank branches inside Iran. Thus money transactions between the two countries have been carried out by MIR Business Bank and also intermediaries in Cyprus and UAE. Also, money transactions have been taking place by Russian businesses' importing from countries to where Iran exports oil - mainly China, South Korea, India and Japan. 

This situation is about to change according to Anatoliy Aksanov of Russia’s Association of Regional Banks, years of sanctions has caused a decline in the quality of Iranian banking which along with lack of interest from European banks to operate in the country creates an opportunity for Russian banks to enter the country. 

Servicing bilateral contracts signed between Iran and Russia seems to be the starting point of Russian bank's presence in Iran.