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Iran seals memorandum of understanding in banking sector with Russia — Fars

The document envisages the supervision of the central banks of Russia and Iran over financial operations of the two countries’ other banks

TEHERAN, March 14. /TASS/. Iran has sealed a memorandum of understanding in the banking sector with Russia, the Fars news agency said on Saturday.

"The memorandum of understanding was signed by the deputy governors of the Iranian and Russian central banks during a visit to Moscow by a high-ranking Iranian banking and financial delegation from March 10 to 12," the agency quotes Iranian Ambassador to Moscow Mehdi Sanayee as saying.

The document envisages the supervision of the central banks of Russia and Iran over financial operations of the two countries’ other banks.

The delegation of Iran’s Central Bank paid visits to other major Russian banks as well, Fars said.

Sanayee is certain that the bilateral document will help simplify and stimulate implementation of lots of agreements Iran and Russia signed in 2014-2015.

Sanctions that Western countries imposed on Iran have put on brakes the development of bilateral economic ties between Russia and Iran as these sanctions hamper international financial transactions made by Iranian banks.

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