Iran will soon conclude banking agreements with Russia: chief banker

Ali Salehabadi, Governor of the Central Bank of Iran

Central Bank of Iran (CBI) Governor Ali Salehabadi said a series of major banking agreements between Iran and Russia, including those regarding the use of mutual currencies for bilateral trade , will soon come into force.

Speaking in Moscow on Saturday after meeting senior Russian government officials, Salehabadi said he had signed several memorandums of understanding (MoU) on banking and financial issues during his two-day visit to Russia.

“We will execute the MoUs reached on this trip in the near future and traders, traders and economic agents will see the results of these agreements,” Salehabadi told IRIB News.

Responding to a question about the possibility of using cards issued by Iranian and Russian banks in both countries, he said there were still issues to be resolved.

The big banker also hinted that Iran and Russia may be able to link their banking messaging systems in the future.

The CBI chief, however, said that the new banking and financial memorandums of understanding between Iran and Russia will cement the growing economic and energy ties between the two countries.

Apart from meetings held with his Russian counterpart and the CEOs of major Russian banks, Salehabadi also met with Russian Deputy Prime Minister Alexander Novak on Friday.

Iran and Russia have been seeking closer economic ties, especially since February when Moscow came under a series of Western sanctions over a military conflict in Ukraine.

Almost the entire Iranian and Russian banking system is subject to foreign sanctions, and access to international banking services is restricted for public and private banks in both countries.

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