Business & Economy

Russian-Iranian economic agreement

Representatives of the Central Bank of Russia and the Central Bank of Iran signed an agreement for cooperation in the field of facilitating financial and banking transactions between the two countries, according to the Governor of the Central Bank of Iran, Mohammad Reza Farzin.

Following the signing of the agreement, Farzin said that the financial messaging system supervised by the Central Bank of Russia (SBFS) and the electronic payment messaging system supervised by the Central Bank of Iran (SEBAM) are now connected.

Farzin wrote, via Twitter, “A direct connection has been established between Iranian and Russian banks, and according to the agreement on joint activities of the Iranian and Russian central banks, in addition to direct contact with Russian banks, the Iranian banking network will be directly linked to 106 non-Russian foreign banks.”

And according to the official Iranian news agency “IRNA”, the representative of the Russian Central Bank, who signed the agreement, Vladislav Gridshin, confirmed that “the great advantage of this agreement is that Western sanctions cannot affect it, and that our financial institutions will be in contact on a larger scale with other financial institutions and organizations in Iran.” After signing the agreement today.

“This agreement is related to financial messages and money transfers, which will greatly help businessmen in the two countries,” Gerdshin added.

For his part, the Director of International Affairs at the Central Bank of Iran, Mohsen Karimi, said, “Last year, the joint work document between Iran and Russia was signed by the two parties, and the signing of the agreement today is the first action to be practically implemented, and from now on, financial exchanges will be linked to all Iranian banks and all banks.” Russian to each other.

Karimi added, “This agreement aims to facilitate banking relations and their implementation to facilitate trade exchanges and the work of merchants and businessmen between countries.”

He also explained that “in the context of this agreement, all banking messages can be exchanged, including transfers, guarantees, letters of credit, etc., and given that the two central banks of the two countries exchange and interact on the basis of their national infrastructures, this agreement cannot be stopped or imposed.” penalties for him.”

In the aftermath of the launch of the Russian special military operation in Ukraine, a number of major Russian banks were cut off from the global “Swift” system for bank transfers, and Iranian banks had been cut off from it since November 2018.

The Russian State Duma Speaker, Vyacheslav Volodin, went to Iran on an official visit at the head of a parliamentary delegation, last Monday, where he discussed with the Speaker of the Iranian Shura Council, Muhammad Baqir Qalibaf, banking and financial cooperation and the use of the two countries’ currencies in trade exchange between them, in addition to other aspects of bilateral cooperation.

During a press conference with Qalibaf, Volodin said, “Relations with Iran are growing and entering a new phase… The talks with the Iranian side were clear and transparent, and we will expand the level of relations between the two countries.”

For his part, Qalibaf said, “We discussed with the Speaker of the Russian State Duma cooperation between the two countries in the fields of gas and oil, in addition to banking and financial cooperation and the use of the two countries’ currencies in trade exchange between them.”

Qalibaf stressed that “the unjust Western sanctions against Iran and Russia are the biggest threat currently facing the two countries.”

The two presidents, Russian Vladimir Putin and Iranian Ibrahim Raisi, had discussed, during a phone call, on January 19, bilateral relations between the two countries, including bilateral cooperation in the energy and transportation sectors.

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