In the wake of the visit by CBI Governor Mohammad Reza Farzin to Russia to strengthen banking ties within the framework of the Free Trade Agreement (FTA) between Iran and the Eurasian Economic Union (EAEU), an expert-level session was held between the top bankers of Sberbank of Russia and Bank Melli Iran (BMI).
The Russian side agreed to open a Letter of Credit (L/C), valued at 6.5 billion rubles, for Iran to import basic commodities from Russia.
The credit line was launched in the wake of the agreements concluded between the brokerage companies of the two banks as the start of the banking cooperation between the two sides.
The opening of the L/C is the first step in line with the development of cooperation between Tehran and Moscow after signing a Free Trade Agreement between Iran and the EAEU.
Chief Executive of Bank Melli Iran Abolfazl Najjarzadeh pointed to the high capacities of the affiliated companies of the bank in the pharmaceutical, food, and petrochemical fields and expressed the readiness of the bank to expand cooperation with Russia as a joint venture.
SD/TSN