By the end of 2025, the first branch of a Russian bank will open in the capital of Iran, Tehran.
According to the press service of VTB, the bank will transform its representative office in Iran into a branch. The issue has already been agreed upon in principle with the Central Bank of Russia, but final approval is still required from the Iranian financial regulator, the Info.RM reports.
The bank branch will initially be focused on supporting foreign economic activity (FEA) of Russian and Iranian companies. Commercial structures of the two countries will have access to a wide range of banking services, including settlements in national currencies.
The launch of the branch is expected to significantly reduce the risks and costs of international settlements. Both Russian and Iranian specialists will take part in its work.
