Iran is planning to launch a ruble trading board at its Currency and Gold Exchange Center as part of efforts to strengthen banking and monetary cooperation with Russia, Iranian media reported.
EDnews reports, citing the semi-official Fars News Agency, that Central Bank Governor Mohammad Reza Farzin said the initiative follows recent discussions with Russian officials aimed at expanding financial coordination between the two countries.
According to Farzin, the new ruble board will be established at the Iran Center for Exchange of Currency and Gold. He also noted that Iran plans to define an “offshore rial-ruble” mechanism and work with Mir Business to introduce a separate exchange rate based on agreements between market participants.
The central bank governor added that Iranian businesses could receive “good news” within one to two weeks regarding the resolution of payment-related challenges in trade with Russia.
Farzin also confirmed that Iranian bank cards are currently functional at ATMs in Russia. In addition, Iran has reportedly deposited 1 billion rubles (around $13.9 million) into an account held by Russia’s VTB Bank at the Russian central bank to address liquidity shortages in ruble transactions.
He said Bank Saderat is serving as the agent bank for the initiative, with Bank Melli expected to join at a later stage. Plans are also underway for Russian bank cards to operate in Iran, followed by a third phase next year that would enable point-of-sale systems in both countries to function reciprocally.
Farzin further noted that Tehran and Moscow have reached agreements on central bank digital currencies (CBDCs), adding that Iran intends to expand the use of digital currencies in cross-border settlements.
Separately, Farzin traveled to Moscow on Tuesday for talks focused on facilitating monetary exchanges and strengthening cooperation with the Russian central bank, according to Fars.
The report also noted that a planned Russian ruble-denominated loan to Iran is still awaiting approval from Tehran. Member of parliament Meysam Zohourian told Fars that Russia has proposed a $20 billion loan in rubles at an interest rate of 6 percent, with discussions ongoing over its structure and feasibility.
According to Zohourian, Russia had previously sought to disburse the first $1 billion tranche during the recent conflict period, but Iranian authorities are still evaluating the benefits of receiving the loan in rubles.
Fars added that the proposed loan exceeds Iran’s annual imports of essential goods, estimated at around $14 billion.
The developments come as Iran and Russia continue to deepen economic and financial cooperation amid ongoing Western sanctions, with both sides seeking alternative payment mechanisms to strengthen bilateral trade.
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