Bank Russo-Iran

(Rusiranbank), a bank founded in September 1923 as the Russo-Persian Banking Office for Credit and Payment Services for Trade Between Iran and the USSR and Assistance to the Development of Iranian Agriculture and Industry. The founders of the bank were the Moscow-based Russo-Asian Joint-stock Company and Iranian merchants. In February 1932 the bank assumed its present name and began operations as an Iranian joint-stock company. By Jan. 1, 1954, all stock belonging to Iranian merchants had been bought up by Soviet organizations; 84 percent of the stock now belongs to the Bank for Foreign Trade of the USSR (Vneshtorgbank), with the remainder held by the State Bank of the USSR (Gosbank).

The Bank Russo-Iran handles all payments related to foreign trade between the USSR and Iran and some payments relating to the trade of other socialist nations with Iran. It provides cash services for Soviet organizations operating in Iran and carries out guaranteed and foreign-exchange operations.