TEHRAN (Tasnim) � A senior official with the Bank of Russia said a number of the country�s banks are ready to reestablish brokerage ties with Iran.

Some Russian banks are prepared to revive their brokerage ties with the Islamic Republic of Iran, the deputy governor of the Bank of Russia said on Saturday.

He made the remarks at a meeting with Akbar Komijani, deputy governor of the Central Bank of Iran (CBI), on the sidelines of the International Financial Congress in St. Petersburg.

The top Russian banker further hailed Iran�s measures toward compliance with international banking standards and regulations, adding that the Bank of Russia is seeking to increase its cooperation with Tehran at the regional level.

During the meeting, both sides stressed the need for strengthening Tehran-Moscow banking relations in order to help increase the volume of trade between the two countries.

In December, Valiollah Seif, the governor of the CBI, said both Tehran and Moscow have made the necessary preparations to create a mechanism to connect their banking sectors to facilitate trade between the two countries in their own currencies.

Seif said a special committee should be set up between Iran and Russia to identify the current obstacles that are preventing the expansion of their mutual banking relations.

He also said that a technical team needs to be formed to activate mechanisms for providing credit lines between Iran and Russia.

Tehran and Moscow plan to boost mutual trade turnover from the current $1.7 billion to $10 billion.

By Tasnim News Agency