Iranian officials have proposed expanding economic ties with Russia by opening representative offices and later branches of two Iranian banks. The plan aims to map investment opportunities and facilitate commercial activity between the two countries. This development was reported by the ISNA news agency, citing Mohsen Karimi, the deputy governor of the Central Bank of Iran. The report notes that consultations have taken place with two banks to establish a formal presence in Russia and to pursue opportunities for investment, trade, and finance.
The intention is to begin with representative offices to establish a foothold in the Russian market and then move to full branch operations. The goal is to identify and seize commercial and economic investment possibilities in Russia, including sectors such as energy, manufacturing, infrastructure, and finance. The plan follows the recent opening of VTB Bank’s first representative office in Iran on May 17, a milestone described by Iran’s financial regulator as a strong start toward broader economic cooperation. This step is seen as a signal that both nations are actively pursuing deeper financial and trade links, despite shifting global economic dynamics. [Source: ISNA] [Source: TASS]
In Moscow, the potential expansion is viewed as part of a broader strategy to diversify economic partners and reduce reliance on any single market. Iranian officials emphasise that the pursuit of representative offices and later branches is a careful, planned approach designed to explore a wide range of investment opportunities while ensuring regulatory and operational compliance in Russia. The initiative aligns with the desire of both countries to strengthen economic collaboration, enhance bilateral commerce, and support joint ventures in sectors that can benefit from closer coordination between Iranian and Russian financial institutions. [Source: ISNA]
Commenting on the development, Dmitry Peskov, formerly a spokesperson for the Russian president, acknowledged that the United States will likely maintain pressure on both Russia and Iran. Nevertheless, he suggested that both nations are adapting to sanctions and political constraints and will continue to build cooperation. This perspective reflects the evolving landscape for international banking and trade, where long term resilience and reliability become key factors for partners seeking stability in volatile markets. The statement underscores the push from Tehran and Moscow to sustain momentum in their economic relationship despite external challenges. [Source: TASS]