Head of the TPOI Alireza Paymanpak announced this in a post on Twitter on Wednesday and stated this is the first Russian bank that has a direct presence in the Islamic Republic.

The presence of the VTB Bank of Russia will be effective in transferring a part of FOREX revenues from the TRUST network to the banking network system as well as transparency of trade, he emphasized.

The asset value of this Russian bank stands at $285 billion, which accounts for 10 percent of the total asset value of Russia’s banking system.

VTB Bank is a Russian majority state-owned bank headquartered in various federal districts of Russia and its legal address is registered in St. Petersburg.