With international sanctions squeezing Iran, the Islamic Republic is seeking to expand its banking foothold in the Caucasus nation of Armenia to make up for difficulties in countries it used to rely on to do business, according to diplomats and documents.
Iran's growing interest in its neighbor Armenia, a mountainous, landlocked country of about 3.3 million people,
comes at a time of rising international isolation for Tehran and increasing scrutiny by Western governments and intelligence agencies of Iranian banking ties worldwide as they attempt to stifle the country's nuclear program.
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