Iran, Russia to establish joint bank

TEHRAN (ISNA)- Iran and Russia plan to establish a joint bank in the near future, said Head of Tehran Chamber of Commerce, Industries, Mines and Agriculture Yahya Al-Eshaq.

Iranian goods can find a place in Russian market due to the West’s embargo against the country, he told ISNA, adding Russians have presented a list of their required goods to Iranians.

“Off course, there are some problems in trading with Russia, mainly banking exchanges. We can use local LC in short term to establish Iran-Russia bank in the near future.”

Russian President Vladimir Putin has banned imports of any good from the West and decided to replace western products with Asian ones, including Iranian products.

Iran and Russia has recently signed a Memorandum of Understanding (MoU) to boost cooperation in energy, transportation, IT, trade, industry, tourism and banking.

Russians have called for imports of 60 agricultural products from Iran.



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