Banks of Russia and Iran began to implement the Memorandum of Cooperation
Iran and Russia, faced with Western sanctions, continue to develop bilateral cooperation, including the banking sector. As noted in the Central Bank of Iran, during the past year, documents on joint actions of Iranian and Russian banks were signed, and now the implementation of the first practical steps based on these documents has begun.
Iranian and Russian banks signed a memorandum of understanding on financial matters on Sunday, paving the way for cooperation and interaction between the banks and businessmen of the two countries, according to Iranian Central Bank spokesman Mohsen Karimi.
Karami added that now the messaging networks of the banks of the two countries are connected to each other, and this makes it possible for member banks of the country's national banking system to exchange standard banking messages with Russian banks.
According to the new agreement, all Iranian banks will be able to use the national Russian banking message service, which includes more than a hundred banks both in Russia and in 13 other countries where these banks are represented.
As Vladislav Gridchin, a representative of the Bank of Russia, noted, the main advantage of this agreement is the protection of its mechanisms from Western sanctions, since they are based on the internal infrastructure of the two countries.
Such steps will contribute to the simplification and growth of bilateral trade, experts say.
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