Reported by: bne IntelIiNews

VTB, the Kremlin’s second-largest bank, has announced it will launch cross-border bank transfers in Iranian rials, in direct contravention of US sanctions, Kommersantnewspaper reported on December 19.

Retail and commercial account holders of VTB will be able to transfer amounts of up to $300,000 (RUB20mn) in an equivalent rial (IRR) amounts.

According to the bank, all transfers will pay a 1% commission at a minimum of RUB15,000 with funds credited to an Iranian bank account on the next business day.

Read full report: https://www.intellinews.com/russia-s-vtb-bank-defies-us-sanction-on-iran-with-cross-border-iranian-rials-transfers-265582/