Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al Mayadeen's correspondent: Two were martyred in an initial toll of the Israeli drone strike that targeted the al-Asira neighborhood in the city of Baalbek, eastern Lebanon
Al Mayadeen's correspondent: An Israeli drone strike targeted the al-Asira neighborhood east of Baalbek, eastern Lebanon
Sheikh Naim Qassem to the pager attack survivors: You are the greatest resistance. Know that 'Israel' will fall because it embodies aggression, crime, and occupation; victory is truly yours
Sheikh Qassem to the pager attack survivors: The value of what you are doing despite your wounds is immense, and here you are, treading the path of the Master of Nation's Martyrs and the leaders
Sheikh Qassem to the pager attack survivors: You are moving forward with insight deeper than sight itself. The enemy sought to eliminate your role in the battle, yet you remain steadfast and continue the fight
Hezbollah Secretary-General Sheikh Naim Qassem to the pager attack survivors one year later: You are healing from your wounds and rising above them. You have successfully passed the test
Palestinian media: Reports of stabbing operation in occupied al-Quds.
Israeli media: Sirens blare in Arava in South, near Ramon Airport.
Egyptian PM Mostafa Madbouli: Egypt is targeted in plans to redraw regional map
AEOI Chief Mohammad Eslami: Our presence in IAEA General Council and fact-checking helped in preventing unilateral rhetoric that aims to portray Iran as an unregulated country

Russia opens first bank in Iran, marks new blow to SWIFT

  • By Al Mayadeen English
  • Source: News websites
  • 18 May 2023 09:46
  • 4 Shares
2 Min Read

Russia's second-largest bank opened a representative office in Iran to facilitate inter-bank communications between the neighboring countries.

  • x
  • Russia opens first bank in Iran, marks new blow to SWIFT
    The logo of VTB bank is seen at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia, June 3, 2021. (Reuters)

Moscow and Iran are moving forward with their mutual goal to end US hegemony over financial transactions and the international monetary systems, the latest step of which saw the opening of the first representative office of a Russian bank in Iran.

The International Trade Bank - VTB Bank - is Russia's second-largest bank and is co-owned between the private and public sectors, but with majority shares held by the state, 

The new step will further develop interbank communications between the Western-sanctioned neighboring countries.

Read more: Iran, Russia to create joint interbank payment system: Diplomat

The Chief of Trade Promotion Organization of Iran TPOI Alireza Peyman-Pak announced the move on his Twitter account on Wednesday.

"After continuous efforts and follow-up by Trade Development Organization, VTB Bank, the second-largest Russian bank, opened its representative office in Iran; This is the first Russian Bank that has a direct presence in Iran and will be effective in transferring part of currency income from the trustee network to the banking network and trade transparency," he said in his post.

Related News

Israeli banks face scrutiny over exorbitant wartime profits

Global IT outage exposes dangers of cashless society, campaigners warn

Read more: World biggest economies looking for USD alternatives

پس از تلاش‌های مستمر و پیگیری سازمان‌توسعه تجارت، بانکVTB، دومین بانک بزرگ روسی، دفتر نمایندگی خود را در ایران دایر کرد؛ این اولین #بانک_روسی است که در ایران حضور مستقیم داشته و در انتقال بخشی از #درآمدهای_ارزی از شبکه تراستی به شبکه بانکی و شفافیت تجارت موثر خواهد بود. pic.twitter.com/K94ybulBfa

— علیرضا پیمان پاک🇮🇷 (@peymanpak_ir) May 16, 2023

The new presence will allow Iranians, especially business owners and tradesmen, to obtain safe access to many financial systems in Africa, Latin America, Asia, and Europe where VTB and its subsidiaries are active.

Iranians will also be able to access the bank's branches and representative offices in Belarus, Kazakhstan, the Republic of Azerbaijan, Georgia, and Sweden.

The head of Iran's central bank, Mohammadreza Farzi,n announced earlier this year that Iran and Russia have established a direct link between their central banks.

In January, Farzin announced that Iran's banking system is reconnecting with the world economy, stating that so far direct connections with 106 foreign banks have been created.

The SEPAM and Russian SFPS electronic financial systems were linked earlier, both of which are an alternative to the Western-dominated SWIFT system.

Read more: Iran, Russia resisting SWIFT hegemony over banks

  • Banks
  • Russia
  • SWIFT
  • SFPS
  • Banking sector
  • SEPAM
  • Iran

Most Read

Uprising against Volker Turk at the Human Rights Council over Gaza.

Uprising against Volker Turk at the Human Rights Council over Gaza

  • Politics
  • 12 Sep 2025
A screengrab from the ad played on Fox News. (X Screengrab)

Fox airs ad warning Trump not to let Netanyahu 'play' him on Gaza

  • US & Canada
  • 11 Sep 2025
Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

  • Palestine
  • 14 Sep 2025
UKLFI’s latest faux pas, like "Israel’s" recent failed attempt at regime change in Iran, is unambiguously indicative of a flailing entity on the verge of extinction. (Al Mayadeen English; Illustrated by Zeinab el-Hajj)

Zionist lawfare operation facing collapse?

  • Opinion
  • 13 Sep 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
A Hezbollah supporter who lost his sight in a pager attack carried out by "Israel" on Sept. 17, 2024, covers his eyes with a red headband inscribed with the name "Hussein" during Ashoura, July 6, 2025 (AP)
Politics

'We Have Recovered': Lebanon marks 1st anniversary of Pager Attack

The Arab neighborhood of El Za'im, on the outskirts of east Occupied Al-Quds in the West Bank, near where Israeli government says housing units will be built as part of the E1 settlement project, Thursday, August 21, 2025. (AP Photo/Ohad Zwigenberg)
Palestine

'Israel’s' deliberate policies drive West Bank economy toward collapse

Ben & Jerry's ice cream shop, Wednesday, Feb. 26, 2025, in Cambridge, Mass. (AP Photo/Charles Krupa)
Politics

Ben & Jerry’s co-founder resigns over parent company curbing activism

Trump’s approval rating falls to new low in second term: Poll
US & Canada

Trump’s approval rating falls to new low in second term: Poll

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS