The Governor of the Central Bank of Iran (CBI), Abdolnasser Hemmati, is visiting Russia to strengthen bilateral monetary and banking relations as Tehran and Moscow seek closer financial cooperation amid Western sanctions.
“The visit is aimed at expanding financial cooperation and strengthening banking interactions between the two countries,” the CBI announced.
“The two sides are expected to discuss ways to facilitate monetary exchanges, strengthen cooperation between central banks, and create new mechanisms to increase the volume of economic exchanges.”
Banking relations between Iran and Russia have entered a new phase in recent years following the intensification of Western sanctions against both countries.
To mitigate the impact of those sanctions, Tehran and Moscow have pursued extensive cooperation to connect banking networks, use national currencies and create alternative payment mechanisms aimed at reducing dependence on the dollar and facilitating trade.
Connecting the banking messaging systems of the two countries, expanding settlements in rials and roubles, and developing cooperation between commercial banks are among the most significant measures taken in this direction.
The CBI chief’s visit comes as Iran and the U.S. prepare to resume mediated talks following the signing of a memorandum of understanding in Switzerland on Friday, which includes provisions for the release of Iran’s blocked assets.
Before his departure, Hemmati said the agreement with the U.S. contains provisions intended to ensure the unblocking of Iran’s frozen funds.
“In formulating the provisions related to the release of assets, all past experiences and precedents have been taken into account,” the semi-official Tasnim News Agency quoted him as saying.
“Efforts have been made to ensure that the mechanisms foreseen in the agreement provide the highest possible level of certainty for access and utilisation of these resources.”
During the mediated talks, Iran has sought the release of funds reportedly worth around $60 billion that are held in China, India, Iraq, Japan, Qatar, South Korea, the Netherlands, the UAE and the U.S.
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Shipping through the Strait of Hormuz has slowed, according to the latest data, as uncertainty over the waterway’s reopening kept most shipowners away. Six commodity vessels crossed the strait on Tuesday, down from nine the day before and below the 10-day daily average of 11.
Iran has said the Strait of Hormuz will remain closed until the U.S. fulfils the terms of an interim deal, including lifting the maritime blockade and sanctions and releasing Iran’s frozen assets.
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