Iran endorsed the proposal of Russia to establish joint Bank

Iran endorsed the proposal of Russia to establish joint Bank

The establishment of the Russian-Iranian Bank “incredibly important” for the Islamic Republic, said the co-Chairman Russian-the Iranian intergovernmental Commission Mehdi Mohtashami.

MOSCOW, 18 Nov. Iran endorsed the proposal of the Russian Federation on creation of joint Russian-Iranian Bank, said Deputy Chairman of the Russian-Iranian intergovernmental Commission Mehdi Mohtashami.

“The creation of a joint Bank is one of the goals of the intergovernmental Commission. We received the offer from the Russian side, and it was studied by the Central Bank of Iran, and has the approval and consensus from the Iranian side to establish such joint Bank”, — said the Agency interlocutor.

Mohtashami noted that “it’s incredibly important” for Iran because Iranian banks are now under sanctions.

“So one of the mechanisms that can ensure and accelerate trade cooperation between the two countries, is to create a joint Bank. There are no objections to the establishment of the Bank, but it is necessary to study the details”, he said.

Earlier, the head of the Russian Ministry of energy Alexander Novak reported that Russia and Iran are discussing the establishment of a joint Russian-Iranian Bank, which will Finance specific investment projects.

According to a source involved in the negotiations in the Russian-Iranian intergovernmental Commission, the main obstacle for practical work on creation of the Bank is the sanctions against Iran. The Agency interlocutor noted that “as soon as sanctions are lifted will start practical work on its creation, probably in two months”.