VTB Financial Expansion to Boost Iran-Russia Agro Trade
Seyed Mohammadreza Mortezavi, Chairman of the IranGrain Conference
Mr. Konstantin Vorobev, Deputy Head of the VTB Tehran Representative Office, announced at iranGrain conference that VTB Group achieved a historic net profit of 550 billion rubles ($6.6 billion) in 2024, marking one of the strongest performances in its history.
As Russia’s second-largest bank, VTB operates over 1,800 branches with more than 50,000 employees and 25 million clients. The bank is now focusing on developing international financial solutions to facilitate trade with friendly nations, with Iran identified as a key partner.
Since 2023, VTB has maintained a representative office in Tehran to support financial cooperation, particularly in agriculture, which accounts for around 65% of Russia–Iran trade. VTB is the only bank currently advising Letters of Credit (LCs) for Iranian agricultural imports from Russia, working in coordination with Iranian banks, the Central Bank of Iran, and the Ministry of Agriculture.
The bank also offers remote account-opening services for Iranian clients, enabling documentation and verification through its Tehran office without the need to travel to Moscow.
VTB has established over ten correspondent accounts with Iranian banks and plans to open an official branch in Tehran soon, offering key services such as LCs and bank guarantees for agricultural companies.
