Economy: Russia and Iran sign new Banking Cooperation Pact

 Senior Iranian and Russian officials signed an agreement to expand their banking cooperation and financial relations.

The cooperation was singed between Vice-Governor of the Central Bank of Iran (CBI) Gholamali Kamyab and his Russian counterpart Dmitry Skoblekin in Tehran on Thursday.

Based on the cooperation pact, the two sides agreed to fight money laundering and financial support of terrorism.

The agreement will also facilitate execution of the Bilateral Currency Swap agreements reached between the two countries.

In June, Iran confirmed reports that Russia plans to open a $5 billion credit line for Iran to help finance projects and exports in the country.

"Yes. The Russians have voiced readiness in negotiations to open a line of credit for exports," Government Spokesman Mohammad Baqer Nobakht told reporters in Tehran.

"We have declared our readiness to Russia and other countries to use their resources for investment in Iran," he added.

In late July, Iranian Minister of Communications and Information Technology Mahmoud Vaezi and Russian Energy Minister Alexander Novak in a meeting in Moscow underlined the need for the expansion of mutual cooperation.

Vaezi and Novak explored avenues for bolstering and reinvigorating bilateral ties.

During the meeting, Vaezi underlined the importance of the upcoming meeting between Iranian President Hassan Rouhani and Russian President Vladimir Putin in Baku later this month.

Referring to the agreements, reached between Iran and Russia in the 12th Iran-Russia Joint Economic Cooperation Commission session, he said that Tehran is ready for development of all-out ties with Moscow.

Novak, for his part, said that there are good potentials for expansion of all-out ties between the two countries.