MOSCOW (Sputnik) — Bank Melli Iran (BMI), the Islamic Republic’s national bank which is the largest in the Middle East, hopes to restore correspondence and cooperation with major Russian banks soon, now that the sanctions have been lifted from Tehran, BMI's Russian branch Mir Business Bank’s chief said.
"We have to restart our correspondent relationships with big banks. We have started this process now. Hopefully this relationship will be reestablished in a short period of time," Mohammad Hazzar told RIA Novosti.
When asked whether he thought it was possible to establish correspondent relations between Russian and Iranian banks this year, Hazzar said "it is in the process; hopefully, within the next month it will start."
BMI participates in the Russia-Iranian $5-billion credit deal, which envisages funds for Iranian projects mainly connected with Russian exports and services. Transfers and settlements for these projects are expected to be done by VEB through BMI.
"Maybe we will have a mutual cooperation with VEB of implementing this credit line," Hazzar said in the interview.