The Governor of the Central Bank of Iran, Mohammad Reza Farzin, arrived in St. Petersburg to participate in the Financial Congress of the Bank of Russia. This development was reported by the Iranian news agency and noted as part of Farzin’s official duties abroad.
Beyond his attendance at the congress, Farzin is slated to hold bilateral discussions with Elvira Nabiullina, the head of the Central Bank of Russia. The talks are expected to concentrate on monetary policy, banking cooperation, and broader financial coordination between Iran and Russia as they navigate evolving sanctions and regional market dynamics. The outcome of these discussions could influence cross-border payment arrangements, regulatory alignment, and financial infrastructure collaboration between the two nations, according to sources familiar with the arrangements.
Earlier comments from Farzin outlined Iran’s ongoing work on a new concept for offshore rial. He indicated that the country is developing the offshore rial to facilitate financial transactions with Russia and other partners. He described the project as being in the development phase, with technical and regulatory considerations still to be resolved before any practical deployment. The offshore rial is envisioned as a currency instrument to support cross-border trade, help manage foreign exchange expenditures, and reduce exposure to external payment systems during periods of sanction-related pressure. Iran has faced restrictions that limit access to some international banking networks, and officials have explored various mechanisms to maintain trade vitality while seeking to preserve monetary stability, as reported by multiple Iranian information outlets.
In the broader economic dialogue between Tehran and Moscow, there is ongoing emphasis on improving energy trade logistics, including the organization of gas supplies. The two sides have signaled mutual interest in strengthening the reliability and efficiency of energy delivery routes, as well as in coordinating commercial terms to support long-term bilateral energy cooperation. Analysts note that strengthening financial and trade infrastructures could complement these energy initiatives, enabling smoother settlements and broader market access even in the face of external financial constraints. These discussions form part of a wider effort to diversify regional energy and financial partnerships and to explore new mechanisms for exchange that align with national policy priorities and regional stability goals, as observed by observers following the interaction between Iranian and Russian economic authorities.