[caption id="attachment_110175" align="alignright" width="226"] Iran and Russia have signed a deal to create a joint interbank regulation body.[/caption]

Iran and Russia have signed a basic agreement to create a joint regulation body to oversee interbank financial transactions between the two countries. 

The agreement - that has been signed between the Iranian and Russian central banks - has now taken both countries one step closer toward the establishment of a promised joint bank which is believed to have been specifically designed to help dodge the effects of US-led sanctions on the two countries.

Iran’s Fars news agency has reported that deputy governors of central banks of Iran and Russia signed the agreement during the visit to Moscow by a ranking delegation from the Central Bank of Iran (CBI).

By Press TV