The agreement was signed on Saturday on the sidelines of a meeting between Iranian and Russian deputy agriculture ministers in Moscow, IRNA reported.
The deal allows Russia’s Sberbank and VTB Bank to open letters of credit for supply of grains to Iran in the coming years.
The two banks became officially involved in grain supply arrangements between Iran and Russia in early 2023, when Iranian Central Bank authorities and Russian counterparts agreed on opening a line of credit worth 6.5 billion rubles ($71.4 million).
The Agriculture Ministry delegations of Iran and Russia also signed an agreement on Saturday to facilitate the exports of fisheries and dairy products from Iran to Russia. The agreement was signed between Iranian and Russian veterinary chiefs Mojtaba Norouzi and Sergei Dankvert.