Iran Sepah Bank has initiated a foreign letter of credit to facilitate the import of Russian goods. This marks a notable development, the first since the United States reimposed sanctions against the Islamic Republic. This update comes via RIA Novosti with reference to Tasnim News Agency.
Tasnim cites remarks from the Central Bank of Iran, highlighting a meeting between Iran’s central bank governor, Mohammad Farrzin, and Russia’s central bank governor, Elvira Nabiullina. The dialogue is framed as part of broader efforts to deepen financial and economic ties between the two nations. Following the discussions, both sides reportedly agreed to establish a credit line of 6.5 billion rubles to support the flow of Russian goods into Iran.
On June 20, First Deputy Governor of the Bank of Russia Vladimir Chistyukhin indicated that Moscow and Tehran are exploring a wide spectrum of financial cooperation. Topics under consideration include payments arrangements, insurance coverage, and the use of the Mir payment system. He noted that the central bank of Russia is examining the expansion of the Mir network with other allied countries as part of a broader financial integration effort.
Previously, Russian Foreign Minister Sergei Lavrov stated at a press conference following a meeting with his Iranian counterpart that the Mir payment system could be integrated with Iran’s Shetab system in the near term. He indicated that substantive negotiations are ongoing at the central bank level. Earlier, in March 2023, Dmitry Birichevsky, who leads the Russian Foreign Ministry’s Economic Cooperation Department, announced that discussions were underway between the two nations on this topic.
Earlier dialogue also involved Lavrov engaging with the head of Iran’s Ministry of Foreign Affairs to explore broader trade and economic collaboration. The evolving conversations reflect a shared interest in deeper financial interoperability and broader economic partnership between Iran and Russia, with potential implications for regional trade and payment infrastructure in the region. The parties continue to pursue practical steps to align their systems and facilitate smoother cross-border transactions amid existing sanctions and financial restrictions [RIA Novosti via Tasnim].