Pankin said India and Vietnam could follow suit as they are also interested in joining the regional development bank.

The announcement comes as Elvira Nabiullina, the head of the Russian Central Bank, had also welcomed Iran to join the EDB as it would help “promote cooperation with the Islamic Republic in the banking sector.”

She had described the connection of the two countries’ electronic payment systems and establishment of correspondent banking relationship “as the grounds for the promotion of mutual cooperation between the two sides.”

The EDB is a regional development bank established by the Russian Federation and the Republic of Kazakhstan in 2006. It currently has six member states, including Armenia, Belarus, Kyrgyzstan and Tajikistan.