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Abdolnasser Hemmati and Nikolay Galushin signed the cooperation document in a ceremony held in the Iranian capital, Tehran.
During the meeting, Hemmati lauded the significant role of insurance and reinsurance in improvement of Iran-Russia trade.
According to the MoU, the two sides should facilitate activities of other side's insurers in their markets, he added.
Russia and Iran on December 26,2017 established solid bank-to-bank ties by signing the framework agreements on provision of interbank credit facility between the State Specialized Russian Export-Import Bank (Eximbank of Russia) and four reputable Iranian banks, including Export Development Bank of Iran (EDBI), Bank Parsian, Bank Pasargad and Bank Sepah.
Russia's National Reinsurance Company is expected to insure cooperation between Eximbank of Russia and the four Iranian banks.
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