Russia’s VTB bank starts transfer services to Iran: Report
Russia’s second largest bank the VTB has launched a first transaction service involving the Russian rouble and Iranian rial, according to reports published in the Russian media.
The state-owned VTB has announced that the cross-border bank transfers in Iranian rial will be possible for businesses and individuals who open a new rial account with bank.
The Kommersant newspaper reported that the bank will charge a 1% commission for transfers of up to $300,000 (RUB 20 million) to an Iranian bank account that will take place within one business day.
“We have become the first bank to implement international money transfers to Iran and, taking into account the strengthening of business ties, the growth of economic cooperation and the development of tourism, we expect that they will be in demand” the bank said in a press release.
VTB’s vice president Denis Valvachyov said that the new service will reinforce economic cooperation between Iran and Russia, especially by boosting tourism between the two countries.
The VTB has been subject to raft of Western sanctions since February when Russia launched a military operation in neighboring Ukraine.
The bank has announced it will launch similar cross-border transfer services to Russia’s friendly countries next year.
VTB’s announcement about Iran comes amid growing efforts by Tehran and Moscow to deepen their economic and energy ties to counter foreign sanctions targeting the two countries.
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