3 banks to help ease money transactions with Russia

Russia’s International Industrial Bank and Iran’s Middle East Bank and the Cooperative Development Bank will help address money transaction issues between the two countries, said an official at the Tehran Chamber of Commerce, Industries, Mines and Agriculture on Saturday.

Kaveh Zargaran, head of TCCIMA agricultural commission, pointed to the presence of representatives from the three banks in a recent conference on improving Iran and Russia’s commercial relations.

“This shows that the two countries are firm in their decision to solve current problems related to money transactions,” TCCIMA website quoted him as saying.

“Banking relations and money transactions are the only remaining problems in boosting two-way trade,” he said.

Russia’s International Industrial Bank, founded in 1992, is one of the largest banks in the country. It focuses on large-scale financing and servicing of projects in the real economic sector, as a corporate lending leader on the Russian banking market.

In late 2015, the two countries’ representatives to the joint economic commission agreed to boost annual bilateral trade from $2 billion to $10 billion in the near future.

By Financial Tribune