Iran announced plans to launch a ruble trading platform and deepen financial integration with Russia as maritime restrictions begin to ease.
Key Developments:
- Iran plans to launch a ruble trading board at its currency and gold exchange center.
- Tehran is expanding banking links with Russia, including card payment and ATM integration.
- Iranian media report that maritime restrictions affecting Iranian ports have begun to ease.
Iran announced a series of financial and trade initiatives with Russia on Tuesday, including the launch of a ruble trading board, expanded banking cooperation, and discussions over a proposed $20 billion Russian loan.
The measures were announced as Iranian media also reported that maritime restrictions affecting Iranian ports had begun to ease, allowing several vessels to reach the country.
Ruble Trading Platform
According to Iran’s semi-official Fars News Agency, Central Bank Governor Mohammad Reza Farzin said Tehran will launch a ruble trading board at the Iran Center for Exchange of Currency and Gold following consultations with Russian officials.
Farzin said Iran also plans to establish an offshore rial-ruble mechanism and cooperate with Russia’s Mir Business payment network to create a separate exchange rate based on agreements among traders.
The central bank chief said Iranian businesses could receive positive news within the coming weeks regarding payment and settlement issues that have complicated bilateral trade.
Expanding Banking Cooperation
Farzin said Iranian bank cards are already functioning at Russian ATMs, marking one of the first practical steps toward deeper financial integration between the two countries.
He added that Iran has deposited one billion rubles into an account held by Russia’s VTB Bank at the Russian central bank to help address shortages of the Russian currency.
According to Farzin, Bank Saderat is currently serving as the agent bank for the project, while Bank Melli is expected to join in a later phase.
Future stages of the initiative will allow Russian bank cards to operate in Iran and eventually enable point-of-sale terminals from both countries to function across each other’s banking networks.
Farzin also said Iran and Russia recently reached agreements regarding central bank digital currencies, with Tehran exploring the use of digital currencies in future exchange operations.
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Russian Loan under Review
Farzin traveled to Moscow on Tuesday for talks focused on monetary exchanges and cooperation between the two countries’ central banks.
At the same time, Iranian officials continue to evaluate a proposed Russian loan package.
Meysam Zohourian, a member of the Iranian parliament’s Economic Commission, told Fars that Moscow plans to provide Iran with a $20 billion loan denominated in rubles at an interest rate of six percent.
According to Zohourian, Russia sought to transfer the first $1 billion installment during the war, but Iranian authorities are still assessing whether receiving the financing in rubles would be economically advantageous.
Fars noted that the proposed loan would exceed Iran’s estimated annual imports of essential goods, which the agency placed at approximately $14 billion.
Maritime Restrictions to Ease
Separately, Iranian media reported that a decision to lift US maritime restrictions affecting Iranian ports has begun to take effect.
According to reports carried by Sputnik and citing Iranian media outlets, three oil tankers and two cargo vessels carrying essential goods successfully reached Iranian ports following the implementation of the measure.
Fars described the development as an important step that could facilitate maritime trade and improve the flow of goods through Iranian ports.
The reported easing of restrictions comes days before the planned signing of a memorandum of understanding between Iran and the United States in Switzerland.
Iran announced a ruble trading platform, expanded banking cooperation with Russia, and reviewed a proposed $20 billion loan as port restrictions eased.
(Russian Media, Iranian Media, AA, PC)
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