VTB will become the first Russian bank to open a branch in Iran



VTB Bank said in a statement on Sunday, a copy of which was obtained by the Islamic Republic News Agency office in Moscow, that the decision to open a branch in Iran, which will be the first branch of a Russian bank in the country, comes in light of strengthening trade and economic relations between Tehran and Moscow.

The statement stated that this step will alleviate the challenges associated with international transactions between the two countries.

VTB Bank stressed that opening this branch would require approval from Iran’s financial regulatory authorities, a process it said would take until the end of 2025.

But the Russian bank said it had obtained approval from the Central Bank of the Russian Federation.

MA/ERN

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