Gazprom Bank Begins Operations in Iran

TASS news agency, citing Bloomberg, reported that Gazprom Bank, affiliated with the Russian natural gas company, along with several other banks from Russia, has begun operations in Iran. The work of major Russian banks in Iran commenced after Akbar Komijani, the Deputy Governor of the Central Bank of Iran, held negotiations with officials from these banks in St. Petersburg. According to Mr. Komijani, 'The presence of Russian banks is essential for increasing bilateral trade and strengthening the market for Russian companies in Iran.' The start of Russian banks' operations in Iran coincides with a report from Iranian customs indicating that Russian exports to Iran have nearly tripled in the first quarter of the current solar year. Gazprom Bank is one of the three largest banks in Russia and ranks fifth among Central and Eastern European banks. This bank is owned by the Russian gas company, Gazprom. Gazprom Bank is a financial institution that provides banking and investment services to over 45,000 companies and approximately three million individuals worldwide. TASS adds that in March of this year, a meeting was held at the Bank of Russia between representatives of major credit institutions and the central banks of the two countries to discuss priorities for interbank cooperation, the mutual opening of accounts by credit organizations, and facilitating financial settlements related to foreign trade between the two countries. Representatives from the Russian Ministry of Foreign Affairs, the Russian Stock Exchange, the investment and export credit insurance agency known as Exiar, VEB Bank of Russia, and credit organizations from both countries also attended this meeting. Interaction between payment systems and the broader use of national currencies in trade were also topics discussed between the two parties. In this context, TASS reports that Hossein Yaghoubi Miab, the Director General of International Affairs at the Central Bank of Iran, announced on June 17 that work with Gazprom Bank has begun, but Iran wishes to increase the number of its Russian banking partners. He stated, 'We are currently in the process of re-establishing relations with Russia.' On January 16 of this year, the United Nations, the European Union, and the United States lifted financial sanctions against Iran that had been imposed in connection with the country's nuclear program. On January 17, the international banking system, SWIFT, announced the lifting of sanctions against Iranian banks. According to the Central Bank of Iran, all Iranian banks are connected to the international banking communication system.