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Russia’s VTB Bank Opens in Iran as Anti-Sanctions Alliance Grows

A VTB Bank PJSC bank logo.
A VTB Bank PJSC bank logo.Photographer: Andrey Rudakov/Bloomberg

One of Russia’s biggest lenders, VTB Bank PJSC, has opened an office in Iran, adding to a growing economic alliance between two countries that have sought to blunt western sanctions.

State-owned VTB, Russia’s second-biggest lender, will use the office for transfers of foreign currency, Iran’s state-run IRIB reported, citing Trade Promotion Organization President Alireza Peyman Pak.