TEHRAN (FNA)- Iranian and Russian banks will start banking cooperation and monetary transactions following the removal of sanctions against Tehran, an official said on Tuesday.

"The monetary transactions between two Iranian and Russian banks will start soon to facilitate the financial activities of the two countries' businesspersons," Head of the policy-making council of Iran's sustainable presence in the Russian market Negar Kabiri told reporters in Tehran today.

She refrained from naming the two banks, promising to declare it in the next few days.

Elsewhere, Kabiri said given the decrease in the Russian customers' affordability to purchase expensive European goods and the low quality of the Chinese commodities, the conditions are ripe now for exports of high-quality Iran-made goods to Russia.

In July, the officials of the Central Bank of Russia announced preparedness of major banks in their country to establish broker relations with their Iranian counterparts.

The issue was raised during a meeting between deputy governors of Iran and Russia's central banks in St. Petersburg.

During the meeting, the two officials underlined the necessity for deepening the banking ties to further develop the volume of the two countries' trade exchanges.

The officials of the Central Bank of Russia, for their part, underscored support for operation of the country's large banks in Iran and establishment of broker relationship with their Iranian counterparts.

Iran and Russia have hurried to further expand their economic relations after the removal of sanctions against Tehran.

Deputy Head of Iran-Russia Joint Chamber of Commerce Qadir Qiyafeh announced in March that the two countries' banks have signed several agreements to facilitate bilateral trade exchange.

"Deputy Governor of the Central Bank of Iran, accompanied by the CEOs of leading banks, traveled to Russia last week to settle matters related to banking. They inked deals with 10 Russian banks. We hope to see the results in greater facilitation of economic and trade exchanges soon," Qiyafeh told reporters in Tehran at the time.

Expressing regret that the volume of trade exchanges has decreased due to the involvement of third parties, he said the two neighbors seek to boost annual trade exchanges to $3bln from the current $2bln.

By Fars News Agency