Tehran (IP) -The Iranian and Russian banks have begun implementing a memorandum of understanding (MOU) on financial messaging on Sunday.

Iran PressIran news: The measure will pave the path for cooperation and interactions among the Iranian and Russian banks, merchants, and businessmen, free from sanctions' nuisances.

Deputy Central Bank of Iran (CBI) governor said, "During the course of the past year the document for joint actions of the Iranian and Russian banks was signed and today the first practical action based on that document was implemented."

Mohsen Karami added that the messaging networks of the two countries' banks are connected to each other as of today, and this provides a chance for the member banks in the country's national banking system to exchange standard banking messages with the Russian banks as well.

Karimi added that the entire Iranian banks abroad and the foreign banks connected to the national Russian banking messages services, which include 100 banks in 13 other countries will now be able to exchange messages with the Iranian banks.

For his part, the Russian official in the ceremony Vladislav Gridchin said that the greatest privilege of this move is that the western sanctions can have no effect on it.

He said that after signing this MOU the banks included in it will have message interactions with each other and they will thus assist the merchants of the two countries.