According to the Wall Street Journal, the Iranian system comprises accounts in foreign commercial banks, proxy companies registered outside the country, firms that coordinate the banned trade, and a transaction clearinghouse within Iran. 

Multibillion dollar arms deal

Security officials believe Iran has offered to use this structure to help Russia sell its oil on international markets once the nuclear deal is signed, and sanctions have been lifted against Tehran.

In addition, Russia is understood to be negotiating a multibillion dollar arms deal to supply Iran with war planes and submarines.

“Russia is actively looking for ways to evade sanctions, and Iran has offered to help,” said a senior Western security official. “In return, Iran wants Russia to make sure the new nuclear deal is agreed so that sanctions are lifted against Tehran.”

The agreement between Moscow and Tehran to evade sanctions is part of a well-orchestrated attempt by Russia to build a global network that will help it to avoid the impact of Western sanctions.

Apart from the agreement with Iran, there are concerns that Moscow is attempting to use the Mediterranean island of Malta as a base to gain access to the European Union and international financial markets. 

This follows the publication of recent figures that show Russian citizens constitute a quarter of all applicants for Malta’s “golden passport” scheme, which allows high-income individuals to acquire a Maltese passport within one to three years.