Russian banks start processing Iranian LCs
News code :
1702553
Banks in Russia have started processing letters of credit (LCs) issued by Iranian banks amid growing trade and economic cooperation between the two countries.
Central Bank of Iran’s deputy governor for foreign exchange operations said on Sunday that two banks in Russia had agreed to accept Iranian-issued LCs to help facilitate trade between Iran and Russia, Press TV reported.
Alireza Gachpazzadeh said that the new arrangement would boost Iran’s ability to import basic goods, especially agricultural staples, from Russia.
Gachpazzadeh said a third Russian bank may follow suit and start processing LCs issued by Iranian banks in the near future.