Valiollah Seif made the announcement adding “in a bid to facilitate banking services, balance of Iran’s foreign exchange interactions is being gradually transferred from littoral states of the Persian Gulf to Russia.”
“Due to ease of operation, the task was previously carried out in banks and financial institutions of Persian Gulf littoral states but the settlement venues are now becoming diversified,” he continued.
The official clarified that a portion of the settlements will be done through Turkey and the rest in countries which were previously inactive in this regard.
Seif went on to assert that “as a result of negotiations with Russians, grounds are prepared to transfer a portion of settlement mechanisms to banks of the Eurasian country and the task is gradually being carried out by financial institutions of both parts.”
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