2 Iranian Banks Could Open Office in Russia

Commercial banks are planning to open offices and branches in Russia, a deputy governor of the Central Bank of Iran says.

"Last month we recommended two commercial banks to start operations in Russia, first via corresponding offices and later by opening branches…Both lenders are working on the issue and we expect positive results," Mohsen Karimi, the CBI deputy for international affairs, said.

The announcement came after reports in the week about Russia's major VTB bank opening an office in Tehran.