The second largest Russian bank plans to start cross-border banking transactions with Iranian rials, ignoring the US sanctions.

Iran PressEurope: Russia's Kommersant newspaper reported that VTB Bank, the country's second-largest bank, plans to start cross-border banking transactions with Iranian Rials by ignoring US sanctions.

According to VTB Bank, the owners of small and commercial accounts will be able to transfer the equivalent of 300,000 US dollars. All transactions will be subject to a 1% fee and the allocated credit will be transferred to the Iranian bank account the next working day.

VTB has asked its customers to purchase foreign currency through the bank's mobile application.

In the announcement of this financial company, it is stated: "We are the first bank that implements financial transfers to Iran due to the commercial relations [between Iran and Russia], the expansion of economic cooperation and the development of tourism."

According to Kommersant, VTB has a history of financial transactions with Iran, but in 2014, it was fined 9.5 million dollars for violating banking sanctions. 219