According to the CBI, the Iranian and Russian citizens will be able to use the two countries' ATM systems in mid August.

The development came after several rounds of negotiations and agreements between the two countries' officials in the past few months.

Deputy Head of Iran-Russia Joint Chamber of Commerce Qadir Qiyafeh announced in March that the two countries' banks have signed several agreements to facilitate bilateral trade exchange.

"Deputy Governor of the Central Bank of Iran, accompanied by the CEOs of leading banks, traveled to Russia to settle matters related to banking. They inked deals with 10 Russian banks. We hope to see the results in greater facilitation of economic and trade exchanges soon," Qiyafeh told reporters in Tehran.

Expressing regret that the volume of trade exchanges has decreased due to the involvement of third parties, he said the two neighbors seek to boost annual trade exchanges to $3bln from the current $2bln.

Iran and Russia have hurried to further expand their economic relations after the removal of sanctions against Tehran.