About 700 Russian banks and 106 non-Russian banks from 13 different countries will be connected to this system.
Iran and Russia have linked their interbank communications and transfer systems to increase trade and financial transactions. This was reported by Reuters.
Iran was cut off from the SWIFT financial messaging service in 2018 after Washington pulled out of the 2015 nuclear deal. Similar restrictions were placed on some Russian banks following Moscow’s invasion of Ukraine last year.
“Iranian banks no longer need to use SWIFT with Russian banks, which can be used to open letters of credit and transfers or guarantees,” the Deputy Governor of the Central Bank of Iran, Mohsen Karimi, told semi-official news agency of Fars.
While the Russian central bank declined to comment on the agreement signed on Sunday, Karimi said that “about 700 Russian banks and 106 non-Russian banks from 13 different countries are connected to the system,” when the names of the foreign banks were not specified.
Iranian central bank chief Mohammad Farzin led the move.
“The financial channel between Iran and the world is being restored,” he tweeted.
It was previously reported that Moscow and Tehran were trying to develop a trade route that would help them rely less on Western sanctions.
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I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.