Iran and Russia will establish a joint bank to fund commercial and economic programs between the two countries.

Asadollah Asgar-Oladi, President of the Iran-Russia Chamber of Commerce, told the aforementioned to Press TV.

He noted that Iran and Russia are developing opportunities for opening a new chapter in commercial relations between the two countries, and these opportunities will rule out domination of the Western currency in the computations between Russia and Iran.

“Since the Russian banks are afraid to work with Iran because of the sanctions imposed by the West, we want to create a Russian-Iranian joint bank, with assistance by our central banks and the private sector.

“It can conduct a mutual exchange of the currencies of our countries, [thus] freeing from dollars, euros, and pounds in international calculations,” ՏԱՍՍ news agency quoted Asgar-Oladi as saying.

In his words, the last series of economic sanctions have become additional impetus for the development and invigoration of the Russian-Iranian trade and economic ties.