Moscow-based Sberbank has launched transfers to Iran for Russians using a local account number, RIA Novosti reported on September 7.

The war in Ukraine has led to significant levels of Russian-Iranian cooperation in the military, economic, and political spheres. Banking and tourism have been the largest areas of perceived growth, while the automotive sector has seen a convergence in recent months following the departure of international car companies from Russia.

Transactions can be carried out in favour of other individuals and legal entities, the press service of the bank added.

“In September, transfers to Iran became available to Sberbank clients. Both p2p transfers and transfers in favour of legal entities are available to clients,” the Sberbank reported.

So far, it is understood that transfers are sent in RUB to privately-owned Pasargad Bank in Tehran.

The standard commission for international transfers is 1% of the amount, it added.

“The service of transfers to Iran is new; the demand for it has yet to be assessed. First of all, the service is designed for tourists,” the bank added.

Earlier in May, it was reported that two Iranian banks had set up representative offices in Russia, the Central Bank of Iran (CBI) said.

The deputy international manager of the CBI, Mohsen Karimi, disclosed the upcoming development a day after Russia’s second-largest bank, VTB Bank, opened a representative office in Tehran, marking the first move of a well-known Russian commercial lender into Iran.

Iran’s Mir Business Bank, owned by Bank Melli Iran, has long been present in Russia. It opened in the country in 2002.