Ukraine is preparing for restoration of financial transactions with Iran after the lifting of sanctions for their conduct.

According to the website of the National Bank of Ukraine (NBU), the first meeting of a working group of banking cooperation between the banking systems of Iran and Ukraine was held in November: Iran was represented by Iran's Central Bank deputy head on forex transactions and representatives of the Iranian banking system.

"In future the Ukrainian-Iranian working group plans to work more on potential ways of cooperation between the banking systems of the two countries, which will later be presented to the Ukrainian banking community with the assistance of experts from the Independent Association of Ukrainian Banks," the report says.

The National Bank said the resolution of the Cabinet of Ministers, which, in particular, lifts sanctions on financial transactions with the banks of Iran, came into force in November.

"After the National Bank soon brings its regulations into conformity with this resolution, Ukrainian banks will also be able to open correspondent accounts and conduct transactions with Iranian banks," according to the document.