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Russia's second-largest bank VTB has opened a representative office in Iran, an Iranian official said on Wednesday, as Moscow and Tehran, both restrained by Western sanctions, seek to improve trade and transaction capabilities.
State-owned VTB plunged to a $7.7-billion loss last year as Western sanctions particularly targeted Russia's financial sector. The lender is one of many key Russian banks now blocked from the SWIFT international financial messaging service.
The two countries have already connected their interbank communication and transfer systems, and Tehran has for months been planning to accept Russia's Mir payment cards, Moscow's alternative to Visa and Mastercard.
Associated Press