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 correspondent: An Israeli drone strike targeted the town of Al-Qlailah, Southern Lebanon.
Al Mayadeen's correspondent in South Lebanon: Israeli drone strikes town of Harouf, Nabatieh district.
Factions' statement: The attendees agreed to support and continue implementing the ceasefire agreement measures, including the withdrawal of the occupation and lifting the siege.
Factions' statement: Calling for an end to all forms of torture and violations against prisoners in occupation prisons and the necessity of obligating the occupation to do so.
Statement: The current moment is crucial, making the meeting a true turning point toward national unity in defense of our people and their right to life, dignity, and freedom.
Factions' statement: Call for an urgent meeting of all Palestinian forces and factions to agree on a national strategy.
Factions' statement: Continuing joint work to unify visions and positions to confront the challenges facing the Palestinian cause.
Statement of the factions: Emphasis on the unity of the Palestinian political system and the independent national decision.
Statement: Approval to establish an international committee to oversee the financing and implementation of the reconstruction of the Gaza Strip.
Statement: The committee is responsible for managing life and services in cooperation with Arab brothers and international institutions, based on transparency and accountability.

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

From previous scenes of the Qassam Brigades targeting an Israeli D9 bulldozer with a Yassin 105 shell, east of Deir al-Balah. (Military Media of the Qassam Brigades)

US knew fatal Rafah blast cause was not Hamas op., says journalist

  • Politics
  • 20 Oct 2025
'Israel’s Digital Iron Dome: Weaponizing the web against Palestine

'Israel’s Digital Iron Dome: Weaponizing the web against Palestine

  • Technology
  • 24 Oct 2025
Abu Hamza, the spokesperson for the Al-Quds Brigades, during a speech televised on October 22, 2025 (Al-Quds Brigades Military Media)

Al-Quds Brigades' Abu Hamza mourns leaders, vows continued resistance

  • Politics
  • 22 Oct 2025
US missionary kidnapped in Niger capital, suspected taken toward Mali

US missionary kidnapped in Niger capital, suspected taken toward Mali

  • Africa
  • 23 Oct 2025

Coverage

All
War on Gaza

Read Next

All
Undated photo of Hanwha Ocean’s Goeje Shipyard in South Korea (Hanwha Ocean)
Politics

China counters US maritime bloc with sanctions on Hanwha Ocean

Catherine Connolly speaks after being after being elected as the new President of Ireland at Dublin Castle, Ireland, Saturday, Oct. 25, 2025. (AP)
Politics

Connolly wins Irish presidency in blow to political establishment

Buildings destroyed during the Israeli air and ground offensive are seen in the Al-Shati camp, in Gaza City, Friday, Oct. 24, 2025. (AP)
Politics

'Israel's' post-ceasefire demolitions in Gaza violate agreement: Hamas

Iran's Foreign Minister Abbas Araghchi attends the 17th annual BRICS summit in Rio de Janeiro, Brazil, July 7, 2025 (AP)
Politics

Iran’s Araghchi: Our nuclear bomb is resilience, not weapons

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