VTB has begun handling transfers in Iranian rials by using bank details, marking the bank as a pioneer in offering this service to clients from Russia. This move signals a practical shift in how cross-border payments can be conducted, with a focus on direct account-based messaging and clear settlement paths between the two countries. The initiative appears to be part of a broader effort to diversify currency corridors and facilitate bilateral financial interactions in real time, supported by the bank’s technical and regulatory infrastructure to ensure secure and traceable transfers.
Transfers through this service can be directed to both individuals and legal entities, according to the bank. This capability expands the scope of use beyond personal remittances to include corporate settlements, supplier payments, and other business-to-business transactions that require timely, currency-specific transfers in rials. Clients are advised to verify recipient details carefully, as accuracy in account information is essential for successful processing and reconciliation on the receiving end.
Funds can be moved using the VTB Internet Bank platform. Users should first open a current account denominated in rials. There are monthly limits, with a ceiling of 20 million rubles for transfers, and a cap of 1 million dollars in equivalent value. The bank charges a transfer fee of 1% of the transaction amount, subject to minimum and maximum thresholds set in rial terms, ensuring predictable costs for both individuals and businesses engaging in spell-check direct settlements in the two currencies.
Historically, there have been discussions between Moscow and Tehran about mutual settlements in their national currencies, namely rubles and rials. Industry observers note that notable figures from the Russian-Iranian business community have highlighted progress toward closer financial integration and easier cross-border settlements, reflecting a broader strategy to diversify payment channels in a changing global landscape. These developments underscore ongoing efforts to streamline cooperation between the two economies while reducing reliance on third-country clearing houses for bilateral trade payments.
Specifically, it has been reported that Russian bank Mirbusinessbank, a subsidiary of Iran’s Bank Melli Iran, and RFC-Bank in Russia have signaled a willingness to settle certain trades in rubles and Iranian rials. This arrangement would support mutual settlements in the two currencies and is viewed by market participants as a potential foundation for broader, scalable cooperation in cross-border finance. The dialogue underscores a mutual readiness to implement settlement arrangements that accommodate both individuals and corporate counterparties under the established framework, subject to applicable regulatory and compliance requirements.