The Central Bank of Iran has issued a permit for the opening of the first Russian bank branch in the country, Donyaye Eqtesad reported on May 16.
Mir Business Bank, a Russian bank partly owned by Iran's Bank Melli, will soon begin operations in Tehran as part of strengthening economic ties between Iran and Russia.
The branch opening is a result of agreements reached during the official meeting between the presidents of Iran and Russia on January 18, 2025, during which a comprehensive strategic treaty was signed.
This step is viewed as an important stage in strengthening joint financial and banking infrastructure and will facilitate the expansion of trade and investment ties between the two countries.
The branch is expected to simplify banking services for entrepreneurs and activate currency settlements between the countries.
Additionally, the second phase of connecting the banking systems of Iran and Russia was implemented this week, marking another step towards developing bilateral financial cooperation.
Related Articles
Austria’s RBI ups profit in Russia in 1Q25
Austria's Raiffeisen Bank International (RBI) increased its pre-tax profit in Russia in 1Q25 by over 25% year on year to €575mn ($651mn) due to the stronger ruble, Reuters reports. In ... more
Russian VTB Bank surprises with $3bn dividend for 2024
The board of Russia’s second-largest bank state controlled VTB recommended paying out RUB275.8bn ($2.97bn) in total dividends for 2024, according to Interfax corporate disclosure portal. As ... more
Russia’s Sberbank posts record profit of $5bn in 1Q25
Russia’s largest bank Sberbank (Sber) increased its profit by 10% year on year to record-high RUB436bn ($4.7bn) in 1Q25, making a return on equity of 22%, according to the bank’s announcement. ... ... more
Most Read
-
Armenia courts African countries to supply diamond industry
25 days ago
-
Russia’s Alrosa finds its largest diamond ever, as Mirny mining operations restart
8 days ago
-
COMMENT: Embracing “Greater Central Asia” has become a strategic imperative for US
19 days ago
-
From blood diamonds to critical minerals: Sierra Leone’s mining transformation
26 days ago