Russia’s second-largest bank opened a representative office in Iran to facilitate inter-bank communications between the neighboring countries.
Moscow and Iran are moving forward with their mutual goal to end US hegemony over financial transactions and the international monetary systems, the latest step of which saw the opening of the first representative office of a Russian bank in Iran.
The International Trade Bank – VTB Bank – is Russia’s second-largest bank and is co-owned between the private and public sectors, but with majority shares held by the state,
The new step will further develop interbank communications between the Western-sanctioned neighboring countries.
The Chief of Trade Promotion Organization of Iran TPOI Alireza Peyman-Pak announced the move on his Twitter account on Wednesday.
“After continuous efforts and follow-up by Trade Development Organization, VTB Bank, the second-largest Russian bank, opened its representative office in Iran; This is the first Russian Bank that has a direct presence in Iran and will be effective in transferring part of currency income from the trustee network to the banking network and trade transparency,” he said in his post.
The new presence will allow Iranians, especially business owners and tradesmen, to obtain safe access to many financial systems in Africa, Latin America, Asia, and Europe where VTB and its subsidiaries are active.
Iranians will also be able to access the bank’s branches and representative offices in Belarus, Kazakhstan, the Republic of Azerbaijan, Georgia, and Sweden.
The head of Iran’s central bank, Mohammadreza Farzi,n announced earlier this year that Iran and Russia have established a direct link between their central banks.
In January, Farzin announced that Iran’s banking system is reconnecting with the world economy, stating that so far direct connections with 106 foreign banks have been created.
The SEPAM and Russian SFPS electronic financial systems were linked earlier, both of which are an alternative to the Western-dominated SWIFT system.
This article was originally published by Al Mayadeen English.
