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Iran-Russia banking push
Iran’s Central Bank Governor Abdolnaser Hemmati met Russia’s Central Bank Governor Elvira Nabiullina in Russia to emphasize “expansion of banking cooperation, increasing bilateral trade, and strengthening the North-South Corridor.”
“Iran and Russia are expanding their financial and banking cooperation, at a time when the United States is imposing new sanctions targeting entities and individuals linked to Tehran”
The Tehran Times says Hemmati and Nabiullina agreed to “activate the permanent banking committee between the central banks of Iran and Russia” to follow up and accelerate joint banking and financial programs.
Mehr News Agency adds that Hemmati and Nabiullina also focused on establishing “financial infrastructure independent from third countries,” with wider use of national currencies in bilateral trade to reduce sanctions’ impact.
ANF reports that former president of the Iranian Trade Development Organization Biman Bak said several large Russian banks, including Sberbank and VTB Bank, established effective correspondent accounts with the Central Bank of Iran and banks operating in the country.
Correspondent accounts and speed
Biman Bak, quoted by ANF, said the assets of Russian banks including Sberbank and VTB Bank range between $400 and $500 billion per bank, which he said provides “a substantial capacity to expand financial exchanges between the two sides.”
ANF also says Bak added that linking the Iranian financial payment system Sepam with the Russian SPFS network helped shorten merchants’ currency transfer times from several months to about 48 hours.
Tehran Times reports that Hemmati expected Russian banks to cooperate more in opening letters of credit for Iranian parties so that “mid-term financing and facilitation of imports of needed goods can be provided.”
The same Tehran Times account says Hemmati described the Central Bank’s policy as moving toward “the integration of the foreign exchange market” to create stability and reduce problems for economic actors.
Sanctions and independent routes
ANF says the financial cooperation comes as the U.S. Treasury Department last Monday imposed new sanctions related to Iran, targeting individuals and companies operated from several countries including China.
“Tehran, Moscow focus on banking co-op development, facilitating trade exchanges TEHRAN- The Governor of the Central Bank of Iran (CBI), in a meeting with the Governor of the Central Bank of Russia, emphasized the expansion of banking cooperation, increasing bilateral trade, and strengthening the North-South Corridor”
ANF further states that the U.S. Treasury, dated April 28, 2026, announced sanctions on 35 entities and individuals in Iran for aiding in evading sanctions.
Mehr News Agency reports that Hemmati announced plans to design and reinforce new financial mechanisms between the two countries to facilitate trade, describing the measures as intended to reduce banking obstacles and lower transaction costs.
Tehran Times says the Russian central bank governor emphasized the necessity of creating financial infrastructure independent of third countries and that using national currencies in trade exchanges and developing banking relations can reduce the impact of sanctions on the economies of Iran and Russia.
