News ID: 150431
Published: 0715 GMT April 29, 2016

Tehran expects Iran, Russia banks to start cooperation soon

Tehran expects Iran, Russia banks to start cooperation soon

Tehran expects that major financial institutions of Russia and Iran will soon start cooperating, said Iran's Ambassador to Russia Mehdi Sanaei.

He further said that Tehran and Moscow have achieved some positive results in talks on establishing the Russian-Iranian bank. "It is expected that large banks of the two countries will soon begin cooperation," the ambassador told the Russian Kommersant newspaper.

The diplomat also hoped that the central banks of Russia and Iran would "take effective steps toward national currencies exchange" to promote trade and economic ties between the countries.

Tehran is also interested in Russia's presence in various investment projects in Iran, the ambassador added.

Most of the large Russian banks severed links with Iranian banks in the past few years amid Western sanctions against Tehran. The sanctions were lifted earlier this year, after the International Atomic Energy Agency released a report in January stating that it had found no evidence of nuclear weapons development in Iran.

Iran and Russia have eliminated many barriers to bilateral relations that existed in the past, he said.

"In 2015 we signed the fundamental economic documents and made intensive efforts to cut tariffs, reduce customs barriers and straighten out the licensing process.

"Fair mutual understanding marks collaboration in all the areas, like different types of manufacturing, car making and Russian civil aviation," Sanaei said. "The export of Iranian commodities is not confined to traditional spheres and it includes pharmaceuticals, manufactured goods, dairy products, and sea foods."

If Russian investors join infrastructure projects, then the two sides will see some important changes in economic relations, he indicated.

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