Sberbank and the Iranian bank BMI agreed to open a letter of credit for 6.5 billion rubles
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Sberbank (MOEX:SBER) and Bank Melli Iran (BMI) agreed to open credit lines for 6.5 billion rubles. within the framework of the agreement between the countries of the EAEU and Iran, concluded on December 25. An agreement between banks will stimulate the export of goods from Iran to Russia, reports Tehran Times.
The agreement was reached during the visit of the head of the Iranian central bank, Mohammadreza Farzin, to Moscow on December 26. At a meeting with the head of the Central Bank of Russia Elvira Nabiullina, the parties discussed the development of financial and banking cooperation and finalization of the agreement on the use of settlements between countries in national currencies, reports press service Iranian regulator.
The meeting was also attended by the heads of Iranian banks Bank Melli Iran and Bank Sepah. It is noted that after the meeting, Bank Sepah opened the first letter of credit in Russia in the amount of €17 million.
December 25 between Iran and the countries of the Eurasian Economic Union (EAEU) an agreement was concluded about the free trade zone. It replaced the temporary agreement in force since 2019. The new treaty eliminates import duties on 90% of goods. It is noted that the temporary agreement was limited to agricultural and industrial products. The agreement made it possible to increase mutual turnover from $2.4 billion in 2019 to $6.2 billion in 2022.
More details – “Tehran Commodity”
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