Azernews.Az

Governor of the Central Bank of Iran (CBI), Valiollah Seif believes the financial transactions between Iran and Azerbaijan are projected to soar after elimination of the sanctions imposed on Iran.

Seif told Trend that despite bilateral trade, the banking relations between the two countries are not on the level they should be. He added that the banking relations would improve if the sanctions on Iran are lifted.

Seif, who arrived in Azerbaijan as part of Iranian delegation headed by President Hassan Rouhani, expressed hope that commercial opportunities between two neighboring countries will flourish in the near future.

He said the Baku branch of Iran's Bank Melli has been active for years, and Iran wanted to accelerate its activities in this sphere, aimed to boost bilateral economic relations with Azerbaijan, but the imposed western sanctions prevented this attempt.

The State Statistical Committee of Azerbaijan reports that Iran’s exports to Azerbaijan rose 17 percent last year, reaching $208 million. Meanwhile, Azerbaijan’s exports to Iran decreased 16 percent to $74 million.

The U.S. and the EU have blacklisted Iran's Central Bank since 2012. Iran and the P5+1 group are negotiating over reaching a comprehensive nuclear agreement by Nov.24, but haven’t reached to common understanding so far.

Valiollah Seif said that Iran is responsible for paving financial relations with Azerbaijan whether the sanctions are eliminated or not.

Speaking about the sanctions, and lifting them off the country's banking system, Seif called them illegal, adding that Iran has appealed against the western sanctions on CBI to their own courts.

He said Iran has appealed to European courts several times as well.

“Iran’s Foreign Ministry is pursuing the sanctions' elimination via the nuclear talks, but we separately carry out our duty as well, because the imposed sanctions are illegal and should be eliminated as soon as possible” he underlined.