Iranian Bank to Resume Ties with Russia
TEHRAN (Tasnim) – Iran’s largest bank hopes to restart working with Russian banks within the next few weeks as the January implementation of a nuclear deal between Tehran and world powers has encouraged foreigners to seek closer trade ties with the Islamic Republic.
The Russian branch of Bank Melli Iran (BMI), the largest bank in the Middle East, eyes to restore correspondence and cooperation with big Russian banks in light of the termination of anti-Iran sanctions under the Joint Comprehensive Plan of Action (JCPOA), head of the branch, known as Mir Business Bank, told RIA Novosti.
“We have to restart our correspondent relationships with big banks. We have started this process now. Hopefully this relationship will be reestablished in a short period of time,” Mohammad Hazzar said.
Asked when the banking ties are expected to resume, he said, “It is in the process; hopefully, within the next month it will start.”
Hazzar also noted that BMI has held negotiations with Russia’s Vneshtorgbank (VTB), Vneshekonombank (VEB), Gazprombank and Sberbank on fresh cooperation.
Since the JCPOA, a lasting nuclear deal between Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) took effect on January 16, foreign banks and companies have sought to take the opportunity to work with Iran.
Last month, the Slovak Republic’s Minister of Economy Vazil Hudák held a meeting with chief of the Central Bank of Iran (CBI) to explore avenues for the promotion of banking cooperation with Iran.
Back in February, Iran’s ambassador to Berlin said that normalization of banking relations between Iran and Germany would take two or three months.
Meanwhile, chief of Oman’s Central Bank has also voiced the Arab country’s enthusiasm for launching bank branches in Iran.
South Korea, Bulgaria, and Bosnia and Herzegovina are also among many other countries eager to restart banking ties with Tehran.
