Russia, Iran to open joint bank for ruble-rial settlements

Tehran is waiting for a reply from the Russian Central Bank to a proposal on opening joint banks to make mutual payments in national currencies, Iranian Ambassador to Russia Mehdi Sanaei said.
"Iran is interested in stepping up economic and banking cooperation with Russia and in opening joint accounts and joint banks to make mutual payments in rubles and rials. I hope the Central Bank of Russia will take substantial steps in response to Iran's initiatives," Sanaei said on a LiveJournal blog.