Copyright © 2024 Euromaidanpress.com

The work of Euromaidan Press is supported by the International Renaissance Foundation

When referencing our materials, please include an active hyperlink to the Euromaidan Press material and a maximum 500-character extract of the story. To reprint anything longer, written permission must be acquired from [email protected].

Privacy and Cookie Policies.

Iran, Russia merge banking systems, launch own payment system after SWIFT ban

Iran, Russia merge banking systems, launch own payment system after SWIFT ban

Russia and Iran are merging their banking systems to get around being banned from SWIFT, the critical communication system for global bank payments.

Several Iranian central bank officials confirmed the partnership with Russia’s central bank on Monday, Reuters reported.

Since 2018, Iran has been disconnected from SWIFT, while many Russian banks (

VTB, Otkritie, Novykombank, Promsvyazbank, Rossiya, Sovkombank and VEB (Vnesheconombank), Sberbank, Rosselkhozbank and others) were kicked off the platform following Moscow’s invasion of Ukraine in 2022.

The new communication system forged by Iran and Russia will connect roughly 700 Russian banks and 106 foreign banks from 13 other countries, Mohsen Karimini, the deputy governor of Iran’s central bank, said.

Russia plans to use the new system to increase its trade volume with Iran to $10 billion a year, according to a recent report. As well, the two countries plan to develop a gold-backed cryptocurrency to challenge the US dollar.

“Iranian banks no longer need to use SWIFT … with Russian banks,” Karimi told a local news outlet.

Iran is one of the few countries in the world providing military aid to Russia in its invasion of Ukraine. Russia has used hundreds of Iranian-made Shahed kamikaze drones to destroy Ukrainian critical infrastructure and a deal to purchase Iranian ballistic missiles has been in the making, although apparently has not yet materialized.

 

You could close this page. Or you could join our community and help us produce more materials like this.  We keep our reporting open and accessible to everyone because we believe in the power of free information. This is why our small, cost-effective team depends on the support of readers like you to bring deliver timely news, quality analysis, and on-the-ground reports about Russia's war against Ukraine and Ukraine's struggle to build a democratic society. A little bit goes a long way: for as little as the cost of one cup of coffee a month, you can help build bridges between Ukraine and the rest of the world, plus become a co-creator and vote for topics we should cover next. Become a patron or see other ways to support. Become a Patron!

To suggest a correction or clarification, write to us here

You can also highlight the text and press Ctrl + Enter

Please leave your suggestions or corrections here



    Euromaidan Press

    We are an independent media outlet that relies solely on advertising revenue to sustain itself. We do not endorse or promote any products or services for financial gain. Therefore, we kindly ask for your support by disabling your ad blocker. Your assistance helps us continue providing quality content. Thank you!

    Related Posts