Iran, Russia planning to establish joint bank
Iran and Russia plan to establish a joint bank as an effort to multiply bilateral trade and bypass sanctions on the Islamic Republic’s banking sector. ● Head of the Iran-Russia Joint Chamber of Commerce Asadollah Asgaroladi said that Tehran and Moscow are studying the possibilities of opening a new chapter in trade relations that could break the domination of Western currencies over bilateral exchanges. “Since Russian banks fear the implications of working with Iran due to sanctions, we want to establish the joint Iran-Russia bank with the help of our central banks and private sectors,” Asgaroladi said. “Such a bank would be able to exchange money between the two sides using rials and rubles and put aside dollars, euros and pounds,” he added. Unilateral sanctions imposed on Iran’s banking sector by the US and the European Union over Tehran’s nuclear energy program and the recent Western bans against Russia over Ukraine have prompted the two countries’ trade officials to boost economic cooperation.